Bloomberg Tax
Sept. 27, 2021, 8:06 PM

Ohio Red Lobster’s Tax Value Tied to $2.9M Property Sale: Court

Sam McQuillan
Sam McQuillan

A real estate agency lost its legal bid to pay less in taxes on a former Red Lobster restaurant after a court ruled its property value is tied to its own selling price not sales of similar properties.

The Court of Appeals of Ohio, Eighth Appellate District Cuyahoga County affirmed a lower court’s decision that Balco Realty LLC owed Cuyahoga County property taxes for $2.9 million worth of property its predecessor purchased from the restaurant chain in 2014.

More: The court rejected Balco’s arguments that the Ohio Board of Tax Appeals should have instead issued a $1.5 million assessment ...