Changes in Law Allow for Reassessment of 2020 Property Valuations in Ohio
DOWLOAD PDFClick “Subscribe Now” to get attorney insights on the latest developments in a range of services and industries.
The Ohio General Assembly recently enacted Senate Bill 57 to account for the impacts of COVID-19 on real property valuations for the tax year 2020 (payable in 2021).
Under the new law, an eligible person may file a special 2020 valuation complaint with the relevant Board of Revision by alleging “with particularity” how COVID-19 and the corresponding public health orders caused a reduction in the true value of the property. Complaints may also request that the property be valued as of October 1, 2020, rather than the traditional tax lien date of January 1, 2020.
Eligibility to file a special valuation complaint extends to both property owners and tenants responsible for the taxes, and the multiple filing rule prohibiting more than one valuation complaint per three-year period is waived for 2020, 2021, and 2022.
The law offers a unique opportunity for commercial properties to reduce their tax bills; however, the window of time to act is short—complaints must be filed between July 26, 2021 and August 25, 2021.
Please contact our office as soon as possible if you would like to discuss whether pursuing a special valuation complaint may be beneficial to you.
Related Practices
Contacts
Recent Insights
- October 23, 2024 In the News Dickinson Wright Recognized in The Globe & Mail’s 2024 Best Law Firms in Canada
- September 26, 2024 In the News Five Dickinson Wright Lawyers Recognized in the 2025 Edition of Chambers Canada
- August 29, 2024 In the News Eight Dickinson Wright Lawyers Ranked in Best Lawyers in Canada® 2025 Edition, Two Ranked in “Ones to Watch”
- August 26, 2024 Recognition Congratulations to Monica Labe, listed in the inaugural 2024 Lawdragon 500 Leading Global Real Estate Lawyers.
- July 23, 2024 In the News Business Facilities recently published Jeremy Schirra's article, "The Last Word: A Look At Incentives."
- July 18, 2024 In the News Michael Vogt's article, "Michigan’s New Clean Energy Siting Law Surges Ahead," was published by the State Bar of Michigan Real Property Law Section eNewsletter.
- July 18, 2024 In the News Nicholas Hall Joins Dickinson Wright Lexington Office
- July 8, 2024 In the News Maral Alacer Joins Dickinson Wright Toronto Office
- June 28, 2024 Media Mentions Seth was recently quoted in the Bloomberg Law article, “WeWork Stock Probe Led Back to Florida Man’s Real Estate Empire.”