Bronx Park S. III Lancaster, L.L.C. v. Fairfield Cty. Bd. of Revision (Slip Opinion)

*550 {¶ 1} This case involves the real-property valuation of a Walgreens drugstore in Lancaster for tax year 2014. The facts and procedural history of this case largely mirror those of Terraza 8, L.L.C. v. Franklin Cty. Bd. of Revision , 150 Ohio St.3d 527 , 2017-Ohio-4415 , 83 N.E.3d 916 . As in Terraza , a school board seeks to have real property valued according to a recent arm's-length sale price, while the property owners, relying on appraisal evidence, contend that under R.C. 5713.03 as amended by 2012 Am.Sub.H.B. No. 487 ("H.B. 487"), a lease encumbrance precludes use of the sale price to…