Friday, Dec. 16, 2011 | 4:43 p.m.
CARSON CITY — The Howard Hughes Corp. has filed a lawsuit in District Court seeking to have the assessed value lowered by more than $50 million on 5,541 acres of undeveloped land in the Summerlin area.
The original value of the land was placed by $249.3 million by the Clark County assessor, but the county Board of Equalization lowered it to $149.7 million.
The assessor’s office appealed to the state Board of Equalization, which put the value to $200 million.
The Hughes Corp. wants the taxable value set back at $149.7 million. It says the decision of the state Equalization Board was “clearly erroneous, arbitrary, capricious and characterized by abuse of discretion.”
The company said one of the state board members suggested the value be set at $200 million as a compromise.