People often wonder what will happen to their property if they pass away without a Last Will & Testament in place. The answer to this question is largely dependant upon your family situation and the state you live in.

All states have a legal process in place that outlines who will inherit the property of a person who dies without a valid will. In Ohio, these laws are codified in the state’s intestacy statute.

What does it mean to have died “intestate?” This simply means that a person has died without having made a valid Last Will and Testament. If this is the case, then the intestacy laws of the state where the person lived and owned real estate at the time of their death will govern who inherits their property. While the laws differ from state to state, they all follow the same general pattern - first your spouse and your children will inherit your property; if you don’t have a spouse or any children, then your parents will inherit your property; if your parents have predeceased you, then your brothers and sisters will inherit your property; if your brothers and sisters have predeceased you, then your property will go to your nieces and nephews.

Recent changes in the value of real property have many homeowners interested in appealing the value of their homes for tax purposes. When considering whether to appeal the valuation placed upon a home for tax purposes, a homeowner should understand that the board of revision will look to the sales price paid in a recent arm’s-length transaction to value the real property for tax purposes. (ORC 5713.03) An arms-length sale used to value real property for tax purposes is characterized by the following elements: it is voluntary, i.e., without compulsion or duress; it generally takes place in an open market; and the parties act in their own self-interest. (ORC 5713.03; Highland Cret v. Lucas Bd. Of Revision, 194 Ohio App.3d 127, 2011-Ohio-2078).

Only when there is no recent arm’s-length transaction available, will the board of revision look to outside evidence to determine whether the taxable value placed upon real property is inaccurate. The attorneys at Ritter & Randolph, LLC are experienced in representing property owners throughout the property valuation complaint process.