Build On This!

In Strongsville Board of Education v. Cuyahoga County Board of Revision (2007), 112 Ohio St. 3d 309, the Supreme Court affirmed the Board of Tax Appeals’ (BTA) decision to use an appraisal, as opposed to a recent sale lease-back transaction, to determine the subject property’s tax value. Typically, a recent sale transaction will determine the property’s value for tax purposes, unless the sale is not at arms’ length. Where it is shown that a recent sale was not an arm’s length sale, appraisal evidence can be used to establish the property’s value.

The Cleveland Plain Dealer reports that state representative Mike Foley has introduced legislation that would require the county sheriff to file a deed following a foreclosure sale to alleviate concerns that some banks intentionally delay filing a deed in order to conceal their ownership of the property. The legislation would also require out-of-town lenders to name a local contact for concerns regarding the property.