dissenting.
“Ascertainment of property values are matters of pure opinion and the courts must, within reasonable bounds, permit the exercise of that opinion, lest they be converted into boards of assessment thereby arrogating to themselves the function of the duly constituted tax authorities.” Richmond, Fredericksburg & Potomac R.R. Co. v. State Corporation Comm’n, 219 Va. 301, 313, 247 S.E.2d 408, 415 (1978). In this case, I would leave the assessment of Fairfax County property to Fairfax County.
The holding in Fairfax County v. Nassif 223 Va. 400, 290 S.E.2d 822 (1982), is that, “as a general rule, economic rent is the measure to be used in capitalizing income for fair-market-value determination; however, contract rent is relevant as evidence of economic rent.” Id. at 405, 290 S.E.2d at 825. We did not say in that case, or in any subsequent case, that once the assessor has “considered” contract rent, a county is required to adopt it as a part of its assessment, if such rent does not fairly reflect economic rent. Indeed, we have held to the contrary.
In City of Richmond v. Gordon, 224 Va. 103, 111, 294 S.E.2d 846, 851 (1982), we decided that while “evidence of actual operating figures, such as income, expenses, and vacancy rates ... is relevant when property has been valued by use of the capitalization of income approach . . . such evidence is not conclusive and is merely one of the factors to be taken into consideration by the trial court in determining whether the challenged assessment is excessive.”
Here, the trial court made explicit factual findings, which should be binding on appeal. For example, the court found that the County’s methodology included reliance “on surveys of the actual rental income and expenses County taxpayers reported they were achieving” and included review of “taxpayers’ actual income and expense data.” There was no evidence that actual rents and expenses were “ignored,” not considered, “disregarded,” or given “only token consideration,” as in the cases relied upon by the majority. See Smith v. Board of Supervisors, 234 Va. 250, 258, 361 *14S.E.2d 351, 355 (1987) (“given only token consideration” and “did not consider”); Nassif v. The Board of Supervisors, 231 Va. 472, 484, 345 S.E.2d 520, 527 (1986) (“disregarded”); Bd. of Sup. v. Donatelli & Klein, 228 Va. 620, 630, 325 S.E.2d 342, 347 (1985) (“disregarded”); Fairfax County v. Nassif, 223 Va. at 404, 290 S.E.2d at 825 (“ignored”). Rather, the evidence affirmatively established that the County reviewed and relied upon actual rent figures. In my opinion, nothing more is required.
Consequently, I disagree with the appellate finding “that the assessor did not give proper consideration to contract rent in this case,” and I would affirm the judgment of the trial court.