wtf? Board of Revision Brackett Village 1308-1334 Walnut

bracket Village

Western & Southern often points with pride to Brackett Village as proof of their good corporate citizenship.

CEO John Barrett recently repeated the claim to a crowd at Tuesday’s Association for Corporate Growth luncheon stating that Western & Southern took the lead in redeveloping Over-the-Rhine building a 120-unit residential building on Walnut Street.

Completed in 1994, the property received a 15-year Community Redevelopment Tax Abatement that exempted them from paying property taxes on the new construction until 2008.  Just before the abatement expired, the value of the apartments was $1,076,200.  The year Western & Southern started to pay property taxes, they filed a complaint with the Hamilton County Board of Revision and the value was immediately reduced to $331,000, $2,758 per apartment or less than $14 a square foot and a 69.24% reduction in value.

An inside source has told me the company values the building at $5,000,000 internally.

This pattern is similar in every single property Western & Southern owns in the city center.  And they own a lot of them.

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4 thoughts on “wtf? Board of Revision Brackett Village 1308-1334 Walnut

  1. David Dawson

    I don’t see how the value of that property could successfully be argued to be that low. Makes no sense at all to me (but then again maybe it doesn’t have to make sense).
    dd

    Reply

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