By Brian Massie, A Watchman on the Wall
We thank Timberlake Mayor John Marra for making us aware of the latest tactic used by the Willoughby-Eastlake School Board to increase their annual revenue. The net $6.8 million received from the taxpayers in their school district due to the sexennial revaluation ($8.8 million less the $2.0 million returned to the taxpayers by the County Commissioners) without a vote of the people was not enough to appease the insatiable appetite of the school board and their administration.
They have resorted to “Chasing Sales”. It is a term that the Lake County school districts use to review the County Auditor’s record of property sales and the current valuations assigned to the individual parcels for all properties in their respective district. Ohio Revised Code Section 5715.19 provides the details authorizing the school district to secure every $ they deem is available to them.
https://codes.ohio.gov/ohio-revised-code/section-5715.19
Here is the board’s resolution authorizing a complaint against 691 Properties, LLC.
STEP 1 – Valuation Increases the School District Is Seeking
(Using sale price as requested value in each resolution)
| Property Owner | Current Value | Sale Price | Increase |
|---|---|---|---|
| 691 Properties LLC | $355,680 | $1,000,000 | $644,320 |
| Akil Mehrotra, Trustee | $412,070 | $1,295,377 | $883,307 |
| Best Suppl Properties | $688,750 | $2,100,000 | $1,411,250 |
| BETA Opportunity Fund | $854,490 | $1,650,000 | $795,510 |
| BFE 35264 Topps | $1,133,470 | $1,750,000 | $616,530 |
| Chardonnay Willoughby Hills Industrial | $3,447,500 | $10,250,000 | $6,802,500 |
| FSC Eastlake East | $1,391,380 | $2,150,000 | $758,620 |
| FSC Eastlake West | $2,004,300 | $3,550,000 | $1,545,700 |
| Perrino Custom Builders | $0 | $950,000 | $950,000 |
| MRExclusive Jewelry | $1,235,390 | $3,525,000 | $2,289,610 |
| Lakeland Business Park | $2,078,400 | $3,200,000 | $1,121,600 |
| Home of Jerome Properties | $1,117,730 | $1,775,000 | $657,270 |
| Auldi Willoughby Pooh | $321,280 | $2,574,468 | $2,253,188 |
| Grand Total – 13 | $15,040,440 | $35,769,845 | $20,729,405 |
STEP 2 — Total Valuation Increase
This is how much new property value the Willoughby-Eastlake City School District
is trying to add through Board of Revision complaints.
Adding all increases: $20,729,405
This represents an increase of
STEP 3— Ohio Taxable Value Adjustment
Commercial property is taxed on 35% of market value.
$20,729,405 × 35% = $7,255,292 taxable value
Step 4 – Additional Tax Revenue
In Lake County, the total inside and outside millage charged to commercial and industrial property is 42.2286123
Calculation: $7,255,292 / 1,000 x 42.285123 = $306,790 per year
The Willoughby-Eastlake Board of Education uses the law firm Bricker Graydon Wyatt to serve as counsel to the school district with respect to various finance related matters.
Here is the Lake County Auditor’s Schedule A for Willoughby-Eastlake School District for tax year 2024, collection year 2025. This is document used to determine the inside and outside millage to be charged to the Class 1 (Residential / Farm), Class 2 (Commercial / Industrial) and Class 3 (Public Utility Tangible Property).
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Categories: Lake County - General, Uncategorized