Ohio Appeals Board Affirms Revision Board’s Valuation Based on Arm’s Length Transaction

The Ohio Board of Tax Appeals (BTA) May 7 affirmed the Cuyahoga County Board of Revision’s property tax valuation based on a recent arm’s length transaction. The Lakewood City Schools Board of Education filed a complaint, requesting Taxpayer’s property be revalued for 2016 at its May 2016 transfer price. Taxpayer didn’t file a countercomplaint and the revision board increased the valuation. On appeal, Taxpayer asserted that the value should be reduced based on the cost to make repairs and the inclusion of household appliances in the subject sale price. The BTA noted that Taxpayer: 1) didn’t dispute the arm’s-length character ...