Target Corp v. Greene Cty. Bd. of Revision (2009), 122 Ohio St. 3d 142.

Outcome: BTA Affirmed.

Description: The Supreme Court of Ohio rejected the contention that first generation sales should be used to value owner-occupied big box properties for taxation purposes. The Court established that there are specific reasons for not using first generation rents as comparables and this approach is supported by appraisal methodology. Additionally, the Court stated that when a property is not encumbered by a long-term lease, first generation comparables cannot be utilized because there is no comparability between the sale of a property subject to a first generation, build-to-suit lease and a property that is owner occupied. The Court failed to find whether or not the big box stores may be considered a special-purpose property, but did state that case law has shown deference to the fact finding expertise of the Board of Tax Appeals. Therefore, because there was no evidence refuting the evidence established by Target, the Board of Tax Appeals decision adopting the value determined by Target’s appraiser was proper.