General

The Ohio Supreme Court ruled in a property tax assessment appeal case that a parking lot size adjustment was warranted when valuing a Kroger supermarket located in a shopping center where the Kroger parcel does not own its own parking, but has an easement to use parking on an adjacent parcel.  The appellant found the average size of comparable properties and took the difference between it and the subject’s parcel size, multiplied that by their concluded land value per acre, and deducted this amount from the property’s value to arrive at the fee simple valuation of the subject parcel alone.  The Supreme Court agreed with this methodology and granted relief to the taxpayer based on the fact that the statute calls for fee simple valuation of the parcel, unencumbered.  Therefore, it was not proper to attribute a value to the easement, essentially valuing the parcel as if it included owned parking.