Property:
Ohio Board of Tax Appeals Holds that COVID-19 Pandemic Impacted TY 2020 Hotel Valuation
Case No. 2022-341, Ohio Bd. of Tax App. (3/5/25). In a case involving the property tax valuation of a hotel for tax year 2020, the Ohio Board of Tax Appeals (Board) sided with the owner’s lower valuation that emphasized the impact of the COVID-19 pandemic and agreed that the locality’s appraisal “failed to fully consider the impact of the pandemic and relied on speculative data.” In doing so, the Board explained that the Ohio General Assembly expressly enacted legislation [see S.B. 57 (2021) and State Tax Matters, Issue 2021-17, for more details on this legislation] to “provide a special procedure for challenging values because the pandemic could have affected values.” According to the Board, the locality’s appraisal which utilized a stabilization method glossed over the pandemic and treated its economic impact as “a blip on the screen to be ignored” The Board also explained that the locality’s appraisal heavily relied on projections for several years into the future “without adequate support,” agreeing with the property owner that such “speculation likely led to an overly optimistic income projection.” Please contact us with any questions.
30 Rockefeller Plaza New York, NY 10182-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
