finding two separate and distinct transactions when a party purchases a note and mortgage and subsequently receives fee simple title to the real property at a sheriff's foreclosure auction by making the highest bid
How later courts described this case
- finding two separate and distinct transactions when a party purchases a note and mortgage and subsequently receives fee simple title to the real property at a sheriff's foreclosure auction by making the highest bid
- saying that “when an actual sale is not available ‘an appraisal becomes necessary,’” quoting State ex rel Park Invest. Co. v. Bd. of Tax Appeals, 175 Ohio St. 410 , 412, 195 N.E.2d 908 (1964)
- explaining the importance of deleting business income and expenses, which “may distort the valuation of the real estate”
- because a congregate-care center “comprises a combination of real estate and business activities,” charging as it does both rental for the apartments and fees for ancillary services, “the two activities must be kept separate” when the real estate is being valued
Written by the judges who cited it.
The opinion
*463 Alice Robie Resnick, J.,
dissenting. I would affirm the decision of the Board of Tax Appeals.
Douglas and Cook, JJ., concur in the foregoing dissenting opinion.