Annual deadline to seek new property tax exemption approaches

The annual deadline for filing property tax exemption applications is December 31, 2017.  Ohio law presumes that all real estate is taxable, but hospitals can achieve substantial tax savings by seeking exemption from taxation for property that they own and use for hospital purposes. Hospitals can seek exemption beginning with the year following the year of acquisition. They can also seek a refund of taxes for up to three preceding years if a property has been continuously owned and used for charitable purposes. Importantly, once a hospital has achieved exemption, property continues to remain exempt until the county returns the property to the tax list. In other words, hospitals do not need to refile for exemption annually for property that is already exempt. 

Property tax exemption and valuation matters can be complex. If your hospital or health system has recently acquired property, added new construction to previously exempt property or owns any other property that is currently taxable, now is the time to file property tax exemption applications. Bricker attorneys have experience assisting clients with these types of filings. If you have questions, you may contact the authors or any member of the health care practice group.