I am working on an offer for a park in Hamilton County Ohio and I hit a roadblock. I spoke with a commercial appraiser in the county auditor’s office regarding a potential increase in property taxes upon purchase. He explained that property assessments are revalued every three years, but where there is a large discrepancy between the assessed value and the sale price (i.e., market value) it is likely that the school board will petition the auditor to revalue the property outside of the three year window which may result in the assessed value being close to or equal to the sale price of the property. Unfortunately, the park I am looking at was purchased years ago as a distressed park and it is now stabilized so there is a large discrepancy between the assessed value and the potential purchase price.
My question is if anyone has had experience with purchasing a park in Hamilton County and if so, how was the revaluation handled? I’m hoping to confirm what the commercial appraiser told me or find a different perspective on this issue.
Thank you in advance for any insight provided.