North Royalton City School District Board of Education v. Cuyahoga County Board of Revision

{¶ 1} In this appeal, the property owner, Riser Foods Company (“Riser”), challenges a decision of the Board of Tax Appeals (“BTA”) in which the BTA determined the true value of Riser’s real estate to be $450,000 for tax year 2005, rather than $73,700 as determined by the county auditor and the Cuyahoga County Board of Revision (“BOR”). The BTA’s determination of value is predicated on the price paid for the property in 2005 in accordance with a buy-out option agreed to by the parties in a ground lease. The ground lease was entered into on December 16, 1998, and ownership was transferred in…