wtf? #5 Board of Revision (14 E. Fourth St.)

wtf? is a series of posts dedicated to holding a spotlight on the mysterious and un-explainable decisions of the Hamilton County Board of Revision.  Today’s example, 14 East Fourth St., is a rare and wondrous creature, an example of commercial real estate in the Central Business District where the Board of Revision has NOT been asked to intervene.

14 e fourth

Look at it.  Isn’t it sweet, so old-fashioned and petite, sitting there tucked between the re-purposed condos at 18 E. Fourth and another building just ripe for re-purposing?  The 27,200 sf of finished commercial office space, 3 or more stories with an elevator, on .13 acres of land was built in 1875.

According to the Auditor’s records Jacobsen Erlend, with a mailing address in New Smyrna Beach, Florida, acquired the property in 2004 from a trust overseen by PNC Bank.  (Purchase price is listed at $0 which could mean this is simply a change of legal title as opposed to an actual sale.)

The value of the property in 1996 was $1,300,000.  It reached a high of $1,480,000 in 2005.  And in the 2011 reappraisal and downward revision of all real estate properties in Hamilton County the value was lowered slightly to $1,287,760.

This is the only one of the more than 50 properties I’ve spot-checked in the CBD where the value has not been significantly reduced and the only property I checked that has never filed a complaint with the Board of Revision.  Since it is such a small property, perhaps it is not worth the cost of paying a $500 an hour attorney as well as a professional appraiser.

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