Hotel Statler v. Cuyahoga County Board of Revision

Appellants’ first claim is that the BTA erred in rejecting the adjustments Koeinski made to the value he determined using the income capitalization approach. For reasons which will be discussed later, we -will be considering only tax year 1991.

Ohio Adm.Code 5705-3-03(D)(2) describes the income approach to value as follows: “The value is estimated by capitalizing the net income after expenses, including normal vacancies and credit losses.” For a definition of “income approach,” The Dictionary of Real Estate Appraisal (American Institute of Real Estate Appraisers 1984) 159, refers to the…