Is the Sale Price of a Property the Appropriate Property Value to Use When Determining Taxes?
HIN, LLC v. Cuyahoga County Board of Revision, the Cuyahoga County Fiscal Officer, and the Bedford Board of Education, Case no. 2012-0725
Appeal from the Board of Tax Appeals
ISSUES:
Does the recorded sale price of a property establish the correct value for taxation if the sale price includes a lease, which may represent more than the unencumbered property value required by law?
When evidence shows a sale price doesn't reflect the correct taxable value defined by statute, is the Board of Tax Appeals required to consider appraisal and other testimony when determining the taxable property value?
