Ohio Appeals Board Finds Entity Transfer Constituted Sale of Property for Valuation Purposes

The Ohio Board of Tax Appeals (BTA) found the property tax value of an apartment complex to be $24.3 million because the entity transfer of the property constituted a sale for valuation purposes. The county auditor valued the property at around $10 million. The taxpayer challenged the appraisal, seeking a valuation of $27.2 million based on the sale price of the property. On appeal, the BTA found that there was sufficient evidence to establish that the property was transferred via an entity transfer. The BTA clarified that the transfer of an ownership interest in an entity can constitute evidence of ...