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Article: Taxpayers may use Industry Changes to Justify a Reduction in the True Value of Tangible Personal Property for Purposes of Ohio Personal Property tax.
- Article from:
- Mondaq Business Briefing
- Article date:
- January 11, 2005
CopyrightCOPYRIGHT 2005 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Ohio Board of Tax Appeals recently held that industry changes may support a finding that the use of the 302 computation to value tangible personal property produces an unjust and unreasonable result. However, the taxpayer still has the burden to introduce probative evidence of the true value in money of the tangible personal property. Alcoa Inc. v. Zaino, B.T.A. No. 1999-G-1401 (Oct. 22, 2004), appeal pending Ohio Supreme Court Case No. 04-1953, referred to mediation, briefing schedule stayed.
Facts
Alcoa Inc. ("Alcoa") operates a forged product manufacturing facility in Cleveland, Ohio ("Cleveland Works"). Two plants are located within the ...