Success Story
Property Tax Appeal Strategy Improves Marketability of Vacant Ohio Office Asset

Case Snapshot

A Vacant Property With Declining Demand—and an Assessment Far Above Market Reality

When DMA was engaged in 2019, the building had already been completely vacated. Market conditions for large office properties were beginning to deteriorate as remote work trends took hold—particularly for phone‑based support operations like the one previously housed in this facility. Vacancy rates rose, demand softened, and the property’s utility continued to decline. Meanwhile:

• The property had been over-assessed for years with no prior appeals filed
• Carrying costs—especially property taxes—were significantly hindering the owner’s ability to market the asset
• The 2020 revaluation would lock in values for three years and was expected to bring another increase, significantly raising financial risk for the owner and future buyers

Together, these conditions created an urgent need to realign the assessment with actual market performance.

A Strategic Plan Aligned With Ohio’s Valuation Cycle

DMA designed a multi‑year approach that delivered immediate relief while reshaping future assessed values:

This multi‑year strategy positioned the client to secure valuation corrections that accurately reflected both market performance and the property’s changing utility.

Material Savings From Multi-year Corrections

DMA’s coordinated strategy across the 2019 correction and the 2020 triennial update appeal produced substantial valuation reductions and tax savings over four tax years.

_{*Values for 2020–2022 were negotiated in a single appeal of the County Auditor’s 2020 triennial update, which sets taxable values for three consecutive years.}

Broader Impact and Market Confirmation

Operational & Market Impact

These reductions delivered meaningful financial relief and strengthened the asset’s position during a prolonged vacancy. DMA’s work:

• Lowered the property’s tax burden during a multi-year vacancy
• Corrected assessed values to reflect actual market conditions
• Made the asset more attractive to buyers evaluating long-term costs
• Supported a successful sale in a depressed office market

These improvements reshaped both the asset’s tax profile and its market readiness—a result ultimately confirmed by the market itself.

DMA’s Valuation POSITION validated by the market

Public records later reflected a 2023 assessed value of approximately $10M. Because transaction‑triggered reassessments in Ohio derive taxable value from a property’s recent sale price, this indicates that the asset sold near that amount. The close alignment between the sale‑driven 2023 assessment and DMA’s negotiated 2022 valuation confirms that the corrected values achieved through the 2020 update appeal were consistent with true fair market value.