Spirit Master Funding IX, LLC v. Cuyahoga County Board of Revision

The Supreme Court vacated the decision of the Board of Tax Appeals (BTA) valuing a Red Lobster restaurant in the village of Orange for tax year 2014 according to the sale price, disregarding the appraisal evidence, holding that because the property owner’s appraisal was relevant evidence, the BTA should have considered and weighed it.The property owner (Appellant) brought the property in December 2014 from an LLC that bought the property in August 2014. The county auditor assessed the property at just over $2 million. The Board of Revision (BOR), however, valued the property at $2,925,900 based on the August 2014 sale. Appellant appealed, arguing that the appraisal it presented to the BOR, rather than either of the 2014 sale prices, reflected the true value of the property. The BTA refused to consider the appraisal and retained the BOR’s valuation. The Supreme Court vacated the BTA’s decision and remanded the cause for the BTA to weigh and address Appellant’s appraisal evidence based on the changes to Ohio Rev. Code 5713.03 made by 2014 Am.Sub.H.B.No.487. View "Spirit Master Funding IX, LLC v. Cuyahoga County Board of Revision" on Justia Law