You May Qualify for Property Tax Relief
-Steve Gill, Partner, Sleggs, Danzinger & Gill; Connie Powall, Partner, Gertsburg Licata
As anticipated, Ohio recently passed S.B. 57 into law that may provide a finite group of property owners with property tax relief due to the Covid-19 pandemic: Here are the highlights:
1. The potential tax relief will relate to Tax Year 2020 (payable 2021) with the filing of a special “Covid Complaint”.
2. The “Covid Complaint” can request a valuation date of October 1, 2020 (instead of the standard January 1, 2020 valuation date) for Tax Year 2020. This allows Boards of Revision to consider the negative impact the pandemic had on the value of property that began after the January 1, 2020 valuation date.
3. The deadline to file a “Covid Complaint” is August 25, 2021.
4. Importantly, the “Covid Complaint” must allege with particularity how the pandemic and related stay-at-home orders caused the reduction in the value of the property. The Complaint cannot merely allege a general decline in economic or market conditions.
We believe that this new law will mostly impact the hospitality industry, food service industry and certain retail locations where economic performance was hit the hardest due to the negative effects of the pandemic.
For more information about this new law and the impact on your property, please contact us via the form below and we will contact you shortly.
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