In the case Balco Realty, L.L.C. v. Cuyahoga Cty. Bd. of Revision, 2021-Ohio-3349, which involved a dispute between a buyer and a Board of Education (“Board”) over the sale of a restaurant property, the Eighth District Court of Appeals found that the trial court did not err on remand in affirming the Board of Tax Appeals’ (“BTA”) tax valuation.
Here, the restaurant buyer argued that the BTA’s valuation of the property was improper since the BTA based its valuation off of a recent sale when evidence in the record showed that the sale did not reflect the unencumbered fee simple value of the property. The buyer further argued that the Board failed to show that the sales price represented the unencumbered fee simple value of the property. The Court of Appeals disagreed.
The Court of Appeals held that the BTA’s decision was not unlawful or unreasonable. The Court further reasoned that since the recent sale price constitutes the best evidence of a property’s true value, the trial court did not err in its determination.
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.