Ohio Appeals Board Finds $84 Million Property Tax Valuation

The Ohio Board of Tax Appeals (BTA) found the property tax value of an apartment complex to be $84 million based on an entity transfer of the property. The county auditor valued the property at $36 million, which the Board of Revision retained. On appeal, the BTA found sufficient evidence in the record to establish that the property was transferred via an entity transfer. The BTA stated that it has recognized the transfer of an ownership interest in an entity to be a sale where it is clear the entity owns no other going concern value, which creates a rebuttable ...