An Ohio homeowner is challenging a property tax assessment through the Board of Revision. The homeowner's property sold 18 months ago for $225,000. The County Auditor's assessment reflects a market value of $280,000. The school district argues the sale price was below market. Under Ohio law, which statement about the weight of the sale price evidence is MOST accurate?
Correct Answer
A) A recent arm's-length sale price is generally the best evidence of market value, but the BOR may consider whether the sale was truly arm's-length
Under Ohio case law, a recent arm's-length sale between willing and informed parties is generally considered the best evidence of market value. However, the Board of Revision must evaluate whether the sale was truly arm's-length and may consider other factors. An 18-month-old sale is still relevant but the BOR weighs all evidence.
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