![]() Nevertheless, auditors usually consider the price of a recent, arm’s-length sale as value because what better indication of value is there than the price someone is willing to pay and actually pays for the property? shall consider the price of a recent sale as value). 5713.03 now provides that an auditor may (vs. 487) signed into law on June 11, 2012, the revised statutory language of R.C. The general rule with regard to determining value of real property (in order to calculate real estate taxes) is that the purchase price at a recent (within three years) arm’s-length sale of the property between a willing buyer and willing seller is usually dispositive. (Note that “usually” is italicized above because pursuant to Ohio Am. Why does it matter if your transaction is an arm’s-length, market based sale?Basically, it has to do with establishing the value of real property which in turn determines the amount of real estate taxes required to be paid. What is an arm’s-length sale? In Ohio, relevant case law has established that “three factors are relevant to deciding whether a transaction occurred at arm’s-length: whether the sale was voluntary i.e., without compulsion or duress, whether the sale place in an open market, and whether the buyer and seller act in their own self-interest.” Why the need for this new form? The form itself answers this question “ All information obtained through this questionnaire will be used to determine whether or not this transaction is an arm’s-length, market based sale.” O Advertised in Newspaper O Word of Mouth O Listed with Real Estate Agent O Displayed “For Sale” sign How was the property marketed? (Check all that apply).Were any delinquent taxes assumed by the purchaser?.Was an appraisal done on the property? O Yes O No.Does the buyer hold title to any adjoining property? O Yes O No.Have there been any recent changes to the property? O No O Demolition O Addition(s) O Renovations. ![]()
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