Pandemic-Hit Marriott Hotel Owner Scores Lower Property Tax Value (Correct)

The property owner of a Cleveland Marriott hotel was right to seek a lower valuation for tax purposes in 2020 after considering the Covid-19 pandemic’s business impacts, the Ohio Board of Tax Appeals said Wednesday.

The tribunal’s opinion sided with the property owner’s appraiser, which found that the hotel was worth $18.5 million in 2020, when its occupancy dropped by 64%.

The Cleveland Municipal School District Board of Education had argued for a higher $32.7 million appraisal of the hotel property. But the school board didn’t account for the pandemic and heavily relied on income projections far into the future ...