Let AR&H Help You with Tax Preparations and Changes to Property Valuation Laws

With tax season right around the corner, we are happy to announce that Kara Sebastian is now an authorized Tax Preparer by the IRS!

Kara is now accepting clients looking for preparation of individual, business (including s-corporations and c-corporations), partnership, LLC, trust or estate tax returns. Kara is also available for accounting and bookkeeping needs.

Contact Kara for more information.

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Sweeping Changes to Property Valuation Laws May Affect Your Taxes

Good News for Ohio property owners! Ohio has recently made sweeping changes to laws surrounding property valuations for tax purposes. In the past school districts were extremely aggressive when filing complaints seeking property valuation increases because these increases would cause more tax dollars flowing to local schools. The new law places new limits on the school district’s ability to file a tax-valuation complaint against privately owned property for cases filed in tax year 2022 and beyond.

Now schools will only be able to file if the following criteria are met:

  • The property was sold in an arm-length sale
  • The complaint is filed during the tax year immediately following the sale
  • The property sold for both $500,000 and 10% more than the auditor’s valuation. It should be noted that the $500,000 above valuation sale price will rise with inflation in future years.

In addition to the new stringent criteria for filing a complaint, the law also prohibits settlement agreements between property owners and school districts where owners would directly pay the school district for a voluntary dismissal of its complaint. And importantly, school districts will no longer be able to appeal to the Board of Tax Appeals. This change means owners will no longer be caught up in possible years of litigation while appeals play out.

While all these changes affect the school district’s ability to seek valuation increases, there are no current or planned changes to property owners’ ability to seek valuation decreases. Just remember, complaints for valuation decreases are due March 31st! Please contact Aronoff, Rosen & Hunt LPA for additional information.

For More Information

Do you have questions about how this information may affect your taxes this year? Contact the attorneys at AR&H to discuss how this new law may affect you.