Ohio Tax Appeals Board Increases Taxpayer’s Property Valuation

The Ohio Board of Tax Appeals issued a decision concluding that taxpayer’s property value should be increased to 48,500,000 for tax year 2023. Taxpayer appealed against the Franklin County Board of Revision’s decision to retain the county auditor’s $26,015,600 valuation of their property. The Board determined that the entity transfer of the property constituted valid evidence of the property’s value, relying on the Ohio Supreme Court’s precedent in the “Palmer House” case which established that an entity transfer can constitute evidence of value when used to effectuate a change in beneficial ownership of real property. While the Board also considered ...