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FIRST UNION REAL ESTATE EQUITY & MTGE. INVESTMENTS v. CUYAHOGA CTY. BD. OF REVISION

No. 89-479.

53 Ohio St. 3d 236 (1990)

FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, APPELLANT, v. BOARD OF REVISION OF CUYAHOGA COUNTY; CLEVELAND BOARD OF EDUCATION, APPELLEE. CLEVELAND BOARD OF EDUCATION, APPELLEE, v. BOARD OF REVISION OF CUYAHOGA COUNTY; FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, APPELLANT.

Supreme Court of Ohio.

Decided August 29, 1990.

Attorney(s) appearing for the Case

Arter & Hadden, Jacob I. Rosenbaum, Irene C. Keyse-Walker, Brian D. Isroff and R. Bruce Moore, for appellant.

Armstrong, Gordon, Mitchell & Damiani, Timothy J. Armstrong and Deborah J. Papushak, for appellee.

Per Curiam.

It is well-established that the proper test for determining the true value of real estate for taxation purposes is the price agreed upon by a seller, willing to sell but under no compulsion to sell, and a buyer, willing to buy but under no compulsion to buy. That basic principle is not disputed and it is consistent with the controlling statute, R.C. 5713.03, which read, during tax year 1986, in pertinent part:

"The county auditor, from the...

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