Cleveland schools are hoping to increase the tax bills of properties that the district believes are undervalued based on recent sale prices.
The Cleveland Metropolitan School District board last week discussed resolutions to file 32 complaints with the Cuyahoga County Board of Revision, which adjudicates property value disputes. This effort was first noted in Documenter Barbara Phipps’ coverage of Tuesday’s CMSD board meeting.
Filing complaints is routine for the schools. But the move shows that the district is fighting for new revenue as it manages a massive projected budget shortfall caused by the expiration of federal programs.
The list of properties includes apartment buildings, gas stations, industrial sites, a mobile home park and even a Taco Bell. One property in CMSD’s sights is a new tax-abated apartment building on Larchmere Boulevard that advertises fully furnished lofts.
The Mikros, now known as the Delilah Lofts, sold in late 2022 to a Tennessee-based investment firm, according to Crain’s Cleveland Business. The sale price was $5.1 million, twice the property’s $2.4 million county valuation. The school district is hoping to bump up the value to reflect the most recent sale price.
But there’s a catch. Even if the district wins the case, that won’t affect the property’s 15-year tax abatement. That means CMSD won’t see any extra money until the abatement expires in 2036.
Sometimes you have to play the long game.
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