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. ? <br /> ?,TM <br />CITY OF NORTH OLMSTED <br />RESOLUTION N0. 78-? <br />, <br />BY : /?C. 4?_? , <br />A RES UTION URGING THE LEGZSLATURE <br />OF THE STATE OF OHIO TO TAKE IMMEDIATE <br />STEPS IN AMENDING THE OHIO REVISED CODE <br />WITH RESPECT TO THE METHOD OF ASSESSING <br />REAL PROPERTY. <br />WHEREAS, by virtue of Ohio Revised Code Section 5715.011 <br />all real property in Ohio is to be uniformly appraised at its <br />true value in money, and <br />WHEREAS, through Court decree commercial and multi- <br />family property owners have been permitted to use an income <br />approach in arriving at the alleged true money value of their <br />property, and <br />WHEREAS, the income approach permits the property owner <br />to arrive at a assessed valuation for his property by taking <br />into consideration such things as the outstanding mortgage, <br />business and operating expenses, as well as market conditions <br />and lack of occupancy, and <br />WHEREAS, the income approach in arrivina at the true <br />value encourages high mortgages and high operating expenses <br />so that the owner may in turn have his property valued at a <br />lower amount for tax purposes, and <br />WHEREAS, the assessed valuation of commercial and multi- <br />family property is such that instead of increasing as a result <br />of inflation and increasing in market value, they decrease, and <br />WHEREAS, all single family residences are appraised at <br />their market value with no income approach permitted with the <br />market value being computed in accordance with Ohio Revised <br />Code Section 5715.012, and <br />WHEREAS, it is the desire of this Council to urge the <br />legislature of the State of Ohio to adopt a uni.form method of <br />appraising all real property by arriving at a market value based <br />on what real property will truly bring in the market place rather <br />than an income approach which encourages high mortgages, padding <br />of expenses, and inefficiency. <br />NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: That this Council does hereby urge the <br />legislature o t e State of Ohio to adopt a uniform appraisal <br />method for residential, commercial, multi-family, and industrial <br />property whereby the appraised value will be such that it will <br />reflect the true market value thus eliminating the income approach <br />in arriving at the appraised value of the real property.