Tax Relief

Ohio’s new regulation might provide COVID-19-related wealth tax relief

Have COVID-19 or government health regulations affected the value of your commercial or industrial property? Here’s how you can remedy a new law in Ohio.

YOUNGSTOWN – If COVID-19 has negatively affected your home value, new Ohio law may give you cause for a revaluation.

Senate Bill 57, recently signed by Governor Mike DeWine, allows property owners to file complaints with their county’s audit committee to show how the pandemic has affected the value of their property.

“These legislative changes give owners and tenants of commercial and industrial real estate the opportunity to receive some property tax relief if they suffered from limited business hours or the demand for a good or service, among other things,” said auditor Ralph Meacham in a press release on Thursday.

Complaints can be submitted between August 3rd and September 2nd of this year and postmarked by September 2nd at the latest. Property owners must “specifically” explain how the COVID-19 pandemic or related government health regulations have reduced the value of their property.

Under the new law, district audit committees can appraise a property for tax purposes starting October 1, 2020, instead of the January 1, 2020 tax lien date, according to the auditors. “The burden of proof lies with the complainant to provide credible evidence,” the communication said.

Pandemic complaints can also be filed if property owners have already filed a complaint for the 2020 tax year.

The new law also removes the restriction that property owners may only submit one complaint within a three-year assessment period, “so that several complaints can be submitted during this time if certain requirements are met,” according to the auditing company. For the first time, tenants can also sue under this new law.

The form DTE 1 Revision Committee against the valuation of real estate can be found on the district’s website. Taxpayers can also call the Auditor’s Office at 330-740-2010 to request the form by mail or ask questions about the process.

Find out more about Senate Act 57 here.

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