Angela, an Ohio real estate agent, is explaining property taxes to her buyer client. The client asks who is responsible for establishing CAUV values on agricultural land in Ohio. Angela correctly responds that CAUV values are established by:
Correct Answer
B) The Ohio Tax Commissioner, based on soil type and agricultural productivity
The Ohio Tax Commissioner establishes CAUV values based on soil type, agricultural productivity, and capitalization rates. These values are then used by County Auditors to assess qualifying agricultural land at its current agricultural use value rather than market value.
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A real estate investor in Ohio purchases a property at a sheriff's sale following a tax foreclosure. The sale price is $80,000, but the delinquent taxes, penalties, and costs total $55,000, while the property had a first mortgage balance of $120,000. After the sale, what is the status of the mortgage?