Orange City Schools Bd. of Edn. v. Cuyahoga Cty. Bd. of Revision

Citations

• 2019 Ohio 634

Syllabus

Real property personal property membership interest stock arm's length transaction sale of real property ad valorem taxation limited warranty deed sale and purchase agreement. Board of Tax Appeals properly determined that sale of the membership in a limited liability company coupled with simultaneous transfer of real property and nothing else was a sale and transfer of real property in an arm's length transaction for the purposes of ad valorem taxation. Since an actual, recent sale of real property in an arm's length transaction is the best evidence of the property's true value, an appraisal was not necessary to establish the property's value.