Avco Corp. v. Limbach

For personal property tax purposes, the best method of determining value is the actual sale of such property on the open market and at arm’s length, between one who is willing to sell, but not compelled to do so, and one who is willing to buy, but not compelled to do so. Grabler Mfg. Co. v. Kosydar (1975), 43 Ohio St. 2d 75, 72 O.O. 2d 42, 330 N.E. 2d 924, syllabus.

Was the BTA correct in refusing to base the true value of appellant’s personal property on the sale price of the property? For the reasons which follow, we find that it was not, that its decision was unreasonable and unlawful, and…