Rancho Cincinnati Rivers, LLC v. Warren County Board of Revision
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The Supreme Court affirmed the judgment of the court of appeals affirming the judgment of the common pleas court adopting the Kings Local School District Board of Education's appraisal as the basis for determining the value of property owned by Appellant that was leased for use as a Lowe's Home Centers store, holding that there was no error.
On appeal, Appellant argued that the appraisal introduced by the school board was not competent evidence of the property's value because it did not value the "fee simple, as if unencumbered," as required by Ohio Rev. Code 5713.03. Specifically, Appellant asserted that a property must be appraised under the theory that a hypothetical sale of the property on the tax-lien date would involve the current tenant vacating the property at transfer. The Supreme Court affirmed, holding (1) the market-lease rule reflects the meaning of the phrase "fee simple estate, as if unencumbered"; and (2) the case law requiring adjustments of leased-fee comparable did not support Appellant's vacant-at-transfer rule.
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