Bronx Park South III Lancaster, LLC v. Fairfield County Board of Revision

In this challenge to the real property valuation of a Walgreens drugstore in Lancaster for tax year 2014 the Supreme Court vacated the decision of the Board of Tax Appeals (BTA) disregarding the property owners’ appraisal and valuing the property according to a recent arm’s-length sale price.Here, as in Terraza 8, LLC v. Franklin County Board of Revision, 83 N.E.3d 916, the school board sought to have the real property valued according to the sale price, while the owners, relying on appraisal evidence, argued that under Ohio Rev. Code 5713.03, as amended by 2012 Am.Sub.H.B. No. 487 (“H.B. 487”), a lease encumbrance precluded use of the sale price to value the property. The Supreme Court remanded the case to the BTA to weigh and address the appraisal evidence, holding that this appeal presented a straightforward application of Terraza. In other words, the recent sale presumptively represented the value of the unencumbered fee simple estate, but the BTA must also weigh the appraisal evidence. View "Bronx Park South III Lancaster, LLC v. Fairfield County Board of Revision" on Justia Law