Freshwater v. Belmont County Board of Revision

Both parties and the BTA agreed that the income approach was the proper approach to valuation of the subject property. The narrow issue is whether, as appellant, contends, the BTA’s rejection of appellant’s use of reserves for replacements was unreasonable and unlawful. We find that it was.

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The BTA acted unreasonably and unlawfully in refusing to consider reserves for replacements. Such reserves are proper items of expense to be utilized when estimating the true value of real property through an income approach. The…