Is your real estate tax valuation too high? With the current downturn in the real estate market, many real estate owners have been able to achieve significant real estate tax savings through revaluing their real estate through Ohio’s Board of Revision process. Complaints to revalue your real estate must be filed with your county Board of Revision before March 31, 2012.
Once the complaint is filed, you will need to establish a fair market value through an appraisal or an arm’s-length sale. At a later date, the Board will hold a hearing where your counsel will offer evidence of your property’s fair market value. Decisions are generally rendered shortly after the hearing. If a new value is established for your property and you paid tax based on the old (higher) value, your overpayment will be credited against tax due or refunded if no tax is due.
Nicholas George and James Simon are Partners at our law firm Buckingham, Doolittle & Burroughs. They would be happy to answer questions you may have concerning this article. They can be reached by calling (330) 376-5300 or by emailing ngeorge@bdblaw.com or jsimon@bdblaw.com.