In the case of Amherst Marketplace Station, LLC v. Lorain Cty. Bd. of Revision, 2021-Ohio-3866, the Ninth District Court of Appeals held that the board of revision’s (“Board”) valuation of property based on a recent sale was the best evidence of the property’s true value.
Here, the owner of a commercial property filed a complaint against the board, requesting a reduction in the taxable value of the property, alleging that it exceeded the fair market value. The board argued that the recent sales price reflected the fair market value.
The Court of Appeals cited a number of Ohio cases, as well as H.B. 487, all of which provide that the sales price of a property in a recent arm’s-length transaction is a true value of the property for taxation purposes.
To read this case, click here.
Authors: Matthew John Markling and the McGown & Markling Team.
Note: This blog entry does not constitute – nor does it contain – legal advice. Legal jurisprudence is like the always-changing Midwestern weather. As a result, this single blog entry cannot substitute for consultation with a McGown & Markling attorney. If legal advice is needed with respect to a specific factual situation, please feel free to contact a McGown & Markling attorney.