Ray Quoted in Columbus Business First Story Titled “New Ohio Law Aims to Help Property Owners Hampered by Pandemic”
Nicholas Ray, a partner in the Vorys Columbus office and leader of the real property tax practice, was quoted in a Columbus Business First story about Ohio Governor Mike DeWine signing S.B. 57. According to the story, the bill will allow landlords to request that their county board of revision redo property tax valuations for the year 2020 and have them be determined as of October 1, 2020 instead of January 1, 2020, as is normally required. It also lifts the restriction of one redo request in each three-year valuation cycle.
The story states:
“Property owners must file before Aug. 25 and demonstrate ‘with particularity’ that the property's value has been reduced because of the pandemic or stay-at-home orders. That would be a big relief in particular for hotel, restaurant and hospitality properties, said Nicholas Ray, a partner in the tax group of Vorys Sater Seymour and Pease LLP.
‘Fifteen months ago is a lifetime ago when we think about the effect of the pandemic,’ Ray said. ‘It's an opportunity to acknowledge there were big adverse affects on real estate properties and there needed to be some recognition of them.’”
To read the entire story on the Business First website, click here. (Subscription may be required).