Ohio Rite Aid’s Value Best Based on Leased Stores, Board Says

A suburban Akron, Ohio, Rite Aid has a tax value slightly lower than the county auditor originally gave it based on comparisons to other stores with current leases, a state tribunal ruled Monday.

While the Ohio Board of Tax Appeals rejected the expert appraisal of taxpayer MK Menlo Property Owner LLC that compared the drugstore site to properties that were vacant, the tax board still reduced to $3.86 million Summit County’s initial valuation of $4.19 million for tax year 2020, based on an appraisal put forth but the board of education that intervened in the case.

• The owner’s appraiser argued ...