Property Value Appeals for Tax Purposes

Ben Franklin considered taxes to be one of only two certainties in the World, and this year is no exception for many residents of Ohio. In fact, tax burdens should be more prevalent in the minds of many Ohio property owners as they have received notification of significant increases in the assessed value of their property.

Ohio determines property values for purposes of taxation through an appraisal and update process. For example, the last appraisal year for Hamilton County was 2005 and the next appraisal will take place in 2011. This tax year, 2008, constitutes an “update” year for the appraisal process and may have resulted in an increase in property taxes. Hamilton County residents should have received a notice via U.S. Mail concerning any changes to the tax valuation of residential or commercial property.

The good news is this increase in property valuation and taxes can be challenged through an “appeal process.” Each county has a Board of Revision, or an equivalent office, specifically created to handle these appeals. In Hamilton County this Board is a three-person panel composed of local officials – Auditor Dusty Rhodes, Commissioner David Pepper, and Treasurer Robert Goering.

After an appeal is properly submitted to the Auditor’s office, a hearing will be set by the Board of Revision. Depending on the amount of the appeal, the school board may challenge the requested modification in valuation. The school board’s attorney will likely ask for the appraised value to be raised. For this reason, it is important to retain an attorney to advocate on your behalf.

Valuation appeals for the 2008 tax year are due March 31, 2009. If you are contemplating challenging your 2008 valuation, it is important to contact your attorney today.

Produce the Note!

While the foreclosure mess seems to be spiraling out of control, a Tampa attorney has devised a legal strategy brilliant for its simplicity. The Dayton Daily News published a good summary of the events unfolding in Tampa.

Attorney Chris Hoyer tells homeowners to ask the bank to produce the original mortgage note. As mortgages were sold and resold over the last decade, paperwork shifted from one bank to another and could easily be lost in the shuffle.

Attorneys are divided as to whether this will help property owners keep homes or merely delay the inevitable. Either way, the delay can be invaluable to homeowners scrambling to get finances in order. Could 'Produce the Note!' become the 'Remember the Alamo' of the financial mess?

Get Back to Jail Free Card?

Luckily, we have not sunk to these depths in America . . . yet.

If this trend crosses the Pacific, Monopoly will never be the same.

Heath Ledger's Oscar

Heath Ledger won the Academy Award for Best Supporting Actor last night.  He managed to do this despite not starring in Slumdog Millionaire.  According to pundits, Academy insiders knew Mr. Ledger was a lock to win the award.  However, there was a huge question lingering about the actual presentation of the award - who gets it?

Professor Gerry Beyer of Texas Tech School of Law explains the situation here.

Simply put, the Academy requires every Oscar winner to sign a "right of first refusal" contract.  This contract states the Academy has the right to purchase the Oscar back from any recipient before that winner can sell the award on the open market.

Although Heath Ledger's will stipulated his entire estate was to pass to his parents, Ledger's parents have granted the entire estate to Matilda, Ledger's child (he made the will before he was famous and had Matilda).  Matilda's guardian would have to sign the Academy contract on her behalf . . . but then she would not be required to honor it when she turned 18.  Giving all of us a chance to buy an Oscar on eBay in 15 years.

Beyer explains the way around this situation:

"To solve this problem, the Academy and Ledger's family have agreed to this solution -- Matilda's mother will hold the statuette in trust until Matilda reaches 18 at which point she must either sign the agreement or return the statuette to the Academy."

Darn, Oscar could have looked pretty good in my office.

Welcome

Welcome to the shared blog of Steve Wolterman and John Treleven.  We are both attorneys, licensed in the state of Ohio and practicing in Cincinnati.