HUDSON — Little Tikes has asked Summit County to reappraise its property value, arguing it's worth only about half of the $30 million that the fiscal office appraised it at in 2017.
Should the valuation of Little Tikes’ real property be reduced to $15 million, the Hudson City School District stands to lose $356,251 per year in tax revenue, according to Kathryn Sines, treasurer for the Hudson City School District.
In 2017, the appraised value went from a little more than $28 million to a little more than $30 million, according to records on the Summit County Fiscal Office’s website. The company’s real estate taxes went from about $858,000 in 2016 to more than $952,000 in 2017.
A representative from Little Tikes, an international toy manufacturing company headquartered at 2180 Barlow Road in Hudson, declined comment.
Sarah Hegnauer, deputy fiscal officer, said the company stated in its complant “that the reason for the requested change in value is ‘to properly reflect the fair market value of the property.’”
Sines said the district will appeal the company’s request. The district has until April 28 to file the appeal.
Of the district’s $62 million in projected revenue for 2019, Hudson City Schools will get just less than $42.7 million from real estate taxes, according to information provided by the school district’s five-year forecast, posted at the Ohio Department of Education.
In 2018, the real estate tax bill for Little Tikes was $935,189 for a full year, with $711,709 going to the school district, Hegnauer said.
For a property with an appraised value of $15 million in the same tax year and district, the estimated real estate tax bill would be $467,004.36 for a full year, with $355,458 a year going to the Hudson City School District, Hegnauer said.
If a counter-complaint is filed by April 28, the Board of Revision will schedule a hearing to review the complaint and counter-complaints, Hegnauer said.
According to information from the company’s website, Little Tikes was founded in 1969 in Hudson, where it manufactures molded plastic toys.
There are five buildings on the parcel of land owned by Little Tikes, according to the online records at the Summit County Fiscal Office website.
Reporter April Helms can be reached at 330-541-9423, email@example.com, or @AprilKHelms_RPC