9 Reasons You Should Call a Real Estate Tax Attorney!

October 17, 2017

In Ohio, the last day to challenge the County's valuation of your real estate is March 31, 2018. If any of the following scenarios apply, call me:


1. You purchased real estate within the last two years. In Ohio, a recent, arm’s length sale price can be the best evidence of the real estate’s fair market value. Compare the sale price to the County's value.


2. Your real estate has been listed for sale for an extended period of time and you have received little or no interest. Your broker is an expert and has a very good idea of the property’s market value. Compare the asking price to the County's value.


3. Your commercial property's occupancy dropped significantly and you’ve not been able to fill the vacated square footage despite active marketing.


4. Your commercial property is in poor condition, has significant deferred maintenance, and/or it’s the “ugly duckling” in the neighborhood.


5. You recently refinanced your commercial or residential real estate. Check your files and the bank’s appraisal report. Look for an “as is” value and pay attention to the date of the report. While the bank financing appraisal report probably won’t be enough to win a tax appeal case in Ohio, it’s a detailed analysis of your property by a licensed expert. That’s a great starting point. Compare the appraised value to the County's value.


6. You are in the middle of a divorce and have had real estate appraised to determine the value of the marital assets. Again, the appraisal report might not be strong enough to win at the Board of Revision or Board of Tax Appeals level, but the appraiser might be willing to update the report to improve your chances. Compare the appraised value to the County's value.


7. You’re a court appointed receiver in possession of real estate. Your duties include preserving and managing the mortgaged property. You can improve the real estate’s position by potentially reducing the unfair (i.e., high) property tax expenses.


8. You are aware that similar properties in your market area have transferred at low values. The properties must be similar in age, condition, location, size, etc. Remember, they just need to be similar—not identical. As honestly and unbiased as possible, compare those sale prices to the County's value of your property.


9. You own, operate or manage a large, retail space. Unfortunately, this property type has faced significant challenges in recent years and values are dropping.


Copyright © 2017 by Stephen M. Nowak


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