REAL ESTATE VALUES ARE UP: APPLICATIONS FOR PROPERTY TAX REDUCTIONS DUE MARCH 31, 2022

in Business, News, Real Estate

The tight market for real estate and higher prices, both residential and commercial, created generally higher tax valuations in Cuyahoga and other counties in their 2021 revaluations. Higher values generally mean higher taxes. At the same time commercial owners of properties such as hotels and shopping plazas have been especially hard hit by the pandemic. Lower rent receipts generally justify lower commercial real estate taxes.

Applications to lower commercial and residential real estate taxes are due March 31, 2022, so this is a good time for owners to review the taxes they pay, analyze the value of their property and decide whether they should apply for a reduction.

Property owners can apply to county Boards of Revision and potentially reduce taxes only by filing a Complaint Against the Valuation of Real Property.

The Board of Revision holds a hearing in which the taxpayer and legal counsel can and should appear to provide evidence supporting any claimed value reduction. Obtaining an appraisal from a professional appraiser may be necessary. If the property was the subject of a recent purchase, generally, the purchase price is the best evidence of what the property is worth.

If you believe the county valuation of your property is too high, you should consider filing to lower your tax.

Please contact Dana Rose or your Weston Hurd attorney if you have questions about this topic.

Contact Information

Dana A. Rose – 216.687.3342 – drose@westonhurd.com