Blair, Benjamin A. (2019). Cases in brief: value of an assisted-living facility for property tax purposes. Appraisal Journal, 87 (2), 85-86.
This Appraisal Journal case brief contains information about HCP EMOH, LLC v. Washington County Bd. Of Revision; Supreme Court of Ohio; November 30, 2018; 2018 WL 6333010.
Case Brief Introduction:
"This case revisits an issue that arises in the context of valuing an assisted-living facility—namely, how should an appraiser go about separating the facility’s business value from the value of the realty? The Board of Tax Appeals (“BTA”) rejected the method espoused by an appraiser for appellant, property owner HCP EMOH, L.L.C., who relied on apartment comparables to derive an opinion of value for the subject property. The BTA instead adopted the valuation reached by an appraiser for appellees, Washington County Board of Revision (“BOR”) and Washington County Auditor (collectively, “the county”), who eschewed apartment comparables in favor of data from the assisted-living-facility market. On appeal, HCP EMOH first argues that the case law requires reliance on apartment comparables when valuing an assisted-living facility. It next makes several evidentiary arguments; principal among these is the claim that the county’s appraiser used unreliable data that led him to value the business rather than the realty."