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Ohio Property Tax Update

Past, present and future: know when your property tax assessment is excessive and hear recent updates from Ohio Supreme Court.

Can you tell if your tax assessment is fair and accurate? Many people know the value of real estate in the marketplace but not the value of property based on assessment law and assessment practices. The two values are not necessarily equal, which can lead to confusion regarding property tax bills. Distinguish between the total value of assets associated with real estate versus those assets which are legally taxable under Ohio valuation law. People who fail to understand the difference between the taxable value of real estate and the investment value of real estate may be subjecting themselves or their clients to higher taxes, and therefore, diminishing cash flow, profits, and the overall value of the real estate. This topic is critical for any professional whose duties intersect with real estate and minimizing taxes.


Runtime: 98 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Valuation Basics

  • Fee Simple Estate, as If Unencumbered Definitation - O.R.C. 5713.03 Statutory Update
  • Personal Property vs. Real Property - Funtime, Green Circle, Metamora Elevator Co. v. Fulton Cty. Bd. of Revision
  • Other Intangible Interests Not Included in Real Estate (Value of Leasehold, Going Concern, Etc). Higbee Co. v. Cuyahoga Cty. Bd. of Revision, Chippewa Place Dev. Co. v. Cuyahoga Cty. Bd. of Revision, Health Care Reit, Inc. v. Cuyahoga Cty. Bd. of Revision

When Is a Sale Price the Best Evidence of Value?

  • Role of Arm's Length Transaction and Definition
  • School District Ability to File Increase Complaint , Proposed Legislation to Prohibit School District Complaints
  • Forced Sales/Auction Sales and Utility in Setting Value - Olentangy Local Schools Bd. of Edn. v. Deleware Cty. Bd. of Rev.
  • Practical Application - Important Facts in Determining Whether a Particular Forced or Auction Sale Is Appropriate in Setting Value

Current Issues

  • Leased Fee vs. Fee Simple - Big Box Retail, Single Tenant Industrial, Multistate Overview
  • Interaction Between TIF and Abatement Agreements and Valuation Contests - Kohl's Ill., Inc. v. Marion Cty. Bd. of Revision
  • Affordable Housing Valuation - LIHTC/Section 8 Properties, Woda Ivy Glen v. Fayette Cty. Bd. of Revision
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Cecilia J. Hyun, Esq.

Cecilia J. Hyun, Esq.

Siegel Jennings Co., L.P.A.

  • Senior associate, Siegel Jennings Co., L.P.A.
  • Experience in state and local real estate taxation and general civil litigation. Practices primarily in the area of property taxation, representing clients before the Ohio Board of Tax Appeals, Ohio Supreme Court, and county boards of revision
  • Recently published articles: "Why Taxing Authorities are Suing Taxpayers: Municipalities and school districts increasingly file lawsuits to increase property tax assessments", Heartland Real Estate Business, Oct 2016; "Unintended Consequences of a Property Tax Valuation that Chases Sale Prices", IPT Insider, Oct 2016; "Everything but the Kitchen Sink…should your property tax assessment include that?" Properties Magazine, Mar 2016
  • Member of the Ohio State Bar Association
  • 2017 President CREW Cleveland (Commercial Real Estate Women, Inc of Cleveland), chapter of CREW Network
  • Can be contacted at [email protected] or (216) 763-1004
J. Kieran Jennings, Esq.

J. Kieran Jennings, Esq.

Siegel Jennings Co., L.P.A.

  • Managing partner, Siegel Jennings Co., L.P.A.
  • CRE (Counselor of Real Estate)
  • Focus on real property taxation, general state and local tax litigation
  • Conducts regular seminars and workshops on numerous property tax issues to industry groups such as the American Property Tax Council (APTC), The Ohio Society of CPAs, Institute for Professionals in Taxation (IPT)
  • Recently published articles: "Use Vigilance to Lower Tax Assessments", Heartland Real Estate Business, July 2015; "How to Discover Whether Your Tax Assessment Is Fair", Real Estate Forum, Sept. 2014
  • Past chair of the Property Tax Committee of the American Bar Association (ABA) Section of Real Property, Trust and Estate Law
  • Admitted to Ohio and Pennsylvania Bar
  • Can be contacted at [email protected] or (216) 763-1004
Jason Lindholm, Esq.

Jason Lindholm, Esq.

Siegel Jennings Co., L.P.A.

  • Partner, Siegel Jennings Co., L.P.A.
  • Practices primarily in the area of property taxation, where he is involved in all aspects of litigating real property tax matters before the Ohio Board of Tax Appeals, Ohio Supreme Court, county boards of revision, and the Ohio Dept of Taxation
  • Conducts regular seminars on property tax issues to industry groups such as Land and Environmental Group of the American Bar Association (ABA), and the State and Local Governmental Law section of the ABA
  • Chair of the Property Tax Committee of the American Bar Association Section of Real Property, Trust and Estate Law
  • Member of the American Bar Association and Ohio State Bar Association
  • Can be contacted at [email protected] or (614) 895-1709
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Product ID: 397027
Published 2016, 2017
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