Changes in law allow reassessment of 2020 real estate appraisals in Ohio

United States: Changes in law allow reassessment of 2020 real estate appraisals in Ohio

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The Ohio General Assembly recently enacted Senate Bill 57 to account for the impacts of COVID-19 on real estate appraisals for the 2020 tax year (payable in 2021).

Under the new law, an eligible person can file a 2020 Special Assessment Complaint with the relevant Review Board alleging “with particularity” how COVID-19 and the corresponding public health orders resulted in a reduction in actual value. of the property. Complaints can also request that the property be assessed on October 1, 2020, rather than the traditional tax lien date of January 1, 2020.

Eligibility to file a special appraisal complaint extends to both landlords and tenants responsible for taxes, and the multiple filing rule prohibiting more than one appraisal complaint per three-year period is lifted 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 filing a Special Assessment Complaint can be of benefit to you.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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