Top-dollar transfers

Deedra Chaney
Aug 16, 2013

 

The following real estate transactions were the highest for the week ending Aug. 9, in Ottawa, Erie and Huron counties. For a full listing of real estate transactions, pick up a copy of Sunday's Register.

Erie County: Perkins Twp., 3006 Campbell St., NOMS Realty Investors Ltd. to Firelands Regional Medical Center, $680,000.

Erie County: Huron Twp., 7602 Milan Road, Giovanna Ruta Inc. to Firelands Habitat for Humanity Inc., $640,000.

Huron County: Plymouth Corp., 401 and 500 Donnenwirth Ave., William Fetzer to Capcar Realty 1.1, LLC, $600,000.

Comments

Centauri

Erie County: Perkins Twp., 3006 Campbell St., NOMS Realty Investors Ltd. to Firelands Regional Medical Center, $680,000.
http://erie.iviewtaxmaps.com/Dat...
$452,030 valuation set by county auditor

http://erie.iviewtaxmaps.com/Dat...
(same property with different parcel number- 3006 Campbell St.)

Erie County: Huron Twp., 7602 Milan Road, Giovanna Ruta Inc. to Firelands Habitat for Humanity Inc., $640,000.
http://erie.iviewtaxmaps.com/Dat...
$462,710 valuation set by county auditor.

samiam

So will the high purchase price cause the valuation to be increased? If so, then will the taxes go up?

Centauri

"So will the high purchase price cause the valuation to be increased? If so, then will the taxes go up?"

Check out these Sandusky Register stories. 2010 may not be the correct year. Public Records show the year 2007.

http://www.sanduskyregister.com/...
"There’s not a whole lot to say but Thumbs DOWN for a bad deal for Tre Sorelle Cioccolato on Monroe Street and Columbus Avenue. In a situation that’s more common than most people apparently realize, the “Three Sisters” are responsible for a retroactive increase in property values — including the eight months before they owned the building. It’s legal, we’re told — but it hardly seems fair, especially when the only recourse is to spend more money suing the previous owners."

http://www.sanduskyregister.com/...
"Worse, because the increase in real property value was retroactive for a full year, they were responsible for making up the difference between what the previous owner already paid and the newly assessed value, dating back eight months before they even owned the building. “It’s taxation without ownership,”

"The issue stems from the fact that all real estate taxes in most Ohio counties run one year behind, and real property values are often only estimates until someone buys a building."

"Beck and Horchler, as owners of the property listed as BHP Properties, purchased the building from Philip A. Pisano for $171,500. At the time, the property’s total assessed value was $86,240, according to records from the Erie County Auditor’s Office."

"On June 20, the Board of Revision held a five-minute hearing during which Beck briefly argued her position. At that point, she said she did not realize their corrected bill would be retroactive for a full year once the valuation increased.
Shortly after the hearing, Beck and Horchler received their corrected bill, listing the new appraised value at $171,500 and the new taxable value at $60,020."

“Courts have consistently said in Ohio that the sale price is the best indicator of what the price should be for taxes,” Kohkstrand said. “Eventually, that sale will be looked at for its worth — it just happens the school district here looked right away.”

Here is the property information. It was the Sandusky School District that wanted more property tax money for the increased valuation due to the property purchase. I question the previous valuation decrease from $132,420 to $86,240.

http://erie.iviewtaxmaps.com/Dat...
2000 valuation $105,000
2003 valuation $132,420
2006 valuation $86,240 (large drop in valuation)
2008 valuation $171,500 (Note that the property valuation almost doubled from 2008)

In 1999, the property sold for $105,000.
In 2007, the property sold for $171,500.