Ohio Appeals Board Reduces Retail Center’s Property Tax Value by $420,000

The Ohio Board of Tax Appeals (BTA) reduced the property tax value of a three-unit retail center by $420,000 for 2021. The Fiscal Officer valued the property at $1,180,000 while the taxpayer sought a valuation of $760,000. The Board of Review accepted the Fiscal Officer’s valuation and the taxpayer appealed. The taxpayer purchased the property in Aug. 2018 and testified about vacancies at the property, including significant economic vacancy that occurred before the tax lien date. The taxpayer’s appraisal reflected changes to the market between the sale and tax lien date. The BTA found that the sale, forming the basis ...