Lender · Sioux Falls, SD · Member since 2016 · 26 posts · 20 votes
Does anyone in Ohio know about transferring ownership of a property within an organization/entity so that the sale does not trigger a review/increase of the property taxes?
Professional · Cleveland, OH · Member since 2015 · 11 posts · 7 votes
9y
Sure. If you buy the shares of an LLC there is no requirement that a transfer tax on real estate be filed with the County, which is where they see the sales price and changes the taxes accordingly. Beware though, the school boards are getting smart and if they see a mortgage for an amount higher than the tax value, they can file a complaint and subpeona you and the lender for sales information and any appraisals that were done in connection with the sale or financing.