As anticipated, Ohio recently passed S.B. 57 into law that may provide a finite group of property owners with property tax relief due to the Covid-19 pandemic. Attorneys from Sleggs Danzinger & Gill breakdown what this may mean for some Ohio properties and businesses.
Here are the highlights:
1. The potential tax relief will relate to Tax Year 2020 (payable 2021) with the filing of a special “Covid Complaint”.
2. The “Covid Complaint” can request a valuation date of October 1, 2020 (instead of the standard January 1, 2020 valuation date) for Tax Year 2020. This allows Boards of Revision to consider the negative impact the pandemic had on the value of property that began after the January 1, 2020 valuation date.
3. The deadline to file a “Covid Complaint” is August 25, 2021.
4. Importantly, the “Covid Complaint” must allege with particularity how the pandemic and related stay at home orders caused the reduction in value of the property. The Complaint cannot merely allege a general decline in economic or market conditions.
We believe that this new law will mostly impact the hospitality industry, food service industry and certain retail locations where economic performance was hit the hardest due to the negative effects of the pandemic.