June 22, 2017

STATUTORY AMENDMENT RECOGNIZED IN TERRAZA 8, L.L.C.

NNN properties with national, credit-worthy tenants often sell for a premium and are often subject to leases that are above market. 

The Supreme Court of Ohio issued a decision that supports the property owner's position that above-market lease rates must be considered in evaluating the merits of a sale price. In Ohio, a proponent of a recent, arm's-length can can create a presumption that the sale price is the best evidence of the fair market value fairly easily. With this new decision, the Supreme Court of Ohio has found that the opponent of...

May 26, 2017

Financial advisors are trusted financial professionals whose clients trust them for smart and tailored investment advice. Their clients are looking for and insightful, intelligent, and research-based investment strategies and recommendations.

"The real service a financial advisor offers today is not the product—it is you and your ability to make a difference in your clients’ lives. It is the questions you ask rather than the products you recommend that will distinguish you from your peers and increase your bottom line."

This quote was part of an article "Questions Great Financial Advisors Ask" t...

May 25, 2017

Value-Added Accounting.

As an accountant, clients trust you to know the tax code and require reliable and insightful tax advice.

Your clients literally open their books to you. Your clients share sensitive business information with you. You know the good, the bad, and the ugly.

Here are somethings to keep in mind next time you go out to a client for an audit or your client comes to your office for a quarterly meeting: What are the client's real estate assets and what are the client's real estate tax expenses?

Depending on the responses, here are some follow-up questions for the client:

  • What...

May 15, 2017

DID YOU REFINANCE YOUR OHIO REAL ESTATE RECENTLY? If you’ve refinanced your commercial real estate, your investment property or your personal residence located in the State of Ohio recently, do yourself a favor and request a copy of the bank appraisal. This can be more complicated than it sounds. If the lender orders the appraisal of your real estate, the appraiser is likely contractually bound not to talk to you about the appraisal, her process, or her opinion of value. Moreover, even though you might have paid for the appraisal report in your refi costs, the bank controls the appraisal repor...

April 11, 2017

If you filed a 2017 tax year valuation complaint in an Ohio county board of revision, then you will receive a hearing notice. If you are not familiar with the board of revision hearing process, here is some good information provided by the Franklin County Board of Revision office.

The photo above shows the lay out of a typical hearing room. For instance, the three Board of Revision members sit on one side of the table and the property owner and, if present, the school board sit on the other side.

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WHAT TO EXPECT AT A BOARD OF REVISION HEARING REAL PROPERTY TAX VALUATION CASES

When entering the...

April 6, 2017

In Ohio, School Boards can file complaints asking the assessor or auditor to increase a property’s value. School Boards all around the State of Ohio routinely review newly filed deeds and recorded conveyance fee statements--they are public records. So, if you bought real estate anytime since January 1, 2014 and the purchase price was more than the County Auditor’s value, then there’s a chance an increase complaint will be waiting in your stack of mail in the coming weeks.

March 3, 2017

Medina County, Ohio Treasurer John Burke, a board of revision member offers insight about the March 31st deadline to challenge the County's valuation of a parcel of real estate. in the Akron.com article, Mr. Burke nicely summarizes the real property tax appeal process.

February 28, 2017

As an attorney representing a husband or wife in a divorce case, the marital home’s value can become a central issue. If the home is professionally appraised and a written appraisal report is prepared, consider consulting with an outside expert about to whether the home at issue in the divorce is properly valued by the local tax assessor.

February 21, 2017

Don't Inflate the Value of the Real Estate by Failing to Allocate the Value of Personal Property in a Sale Transaction on Ohio's Conveyance Fee Statement. If you are buying real estate in Ohio, then do yourself (and me) a favor and P-L-E-A-S-E fill it out accurately. Pay special attention to Section 7 regarding the total consideration paid for the real estate. With shrinking budgets and lower state level contributions, School Boards look for real estate sales with transfer prices above the assessor's valuation. Once the sales are identified, the School Board file tax valuation inc...

February 14, 2017

SUMMARY: (1) If you’ve purchased real estate in Ohio after January 1, 2014, you need to determine if your county has accurately valued your real estate. (2) If you determine the county’s value is too high, then you must file a complaint on or before March 31, 2017. A story in a local business newspaper prompted this article.  The story covered the recent purchase of an under performing downtown Cleveland office building. The purchase highlights an issue that can have a substantial impact on the valuation of Ohio real estate and, in turn, the taxes paid on that real estate.  A five-minute rev...

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