School District Seeks Increase in Valuation of Property Based on Signing of Lease Before Tax Lien Date
HIN, LLC v. Cuyahoga County Board of Revision, Cuyahoga County Auditor, and Bedford Board of Education, Case no. 2008-2408
State Board of Tax Appeals
ISSUE: When a parcel of commercial property was sold twice in rapid succession, with the first sale occurring shortly before and the second sale occurring shortly after the tax lien date for a calendar year, and the second sale price was significantly higher than the first because of a long-term lease agreement that was executed by the initial buyer and a tenant prior to the tax lien date, does a county board of revision err in valuing the property for the tax year in question based on the second, higher sale price, even though that sale did not take place until after the tax lien date?