Ohio Board of Tax Appeals Recognizes Entity Transfer as Sale, Increases Property Value

The Ohio Board of Tax Appeals ordered that the taxpayer’s subject property be valued at $50,000,000 for tax year 2023, reversing the Franklin County Board of Revision’s decision retaining the county auditor’s $31,036,800 valuation. The dispute involved whether an entity transfer constituted a sale establishing the property’s value. The board found that the evidence, including purchase agreements and related contracts, demonstrated that the transaction effected a change in beneficial ownership of the real property and should be recognized as a sale for valuation purposes, creating a rebuttable presumption in favor of the sale price. [Bahorek v. Franklin Cty. Bd. of ...