Sapina v. Cuyahoga County Board of Revision

{¶ 1} In this real-property-valuation case, the taxpayers, Ivica and Katarina Sapina, acquired a two-story building in 2006, with two storefronts below and two residential apartments upstairs. The real property was sold to them as part of the same contract by which they acquired a business on the first floor of the building. Thus, the asset purchase included personal property (restaurant equipment plus a covenant not to compete) as well as the realty.

{¶ 2} For tax year 2007, the auditor used the entire aggregate purchase price, $325,000, as the property value, even though that official had…