Partner and Chief Financial Officer Bob Holzapfel came across a unique situation in Columbus during his year-end process – a county in Ohio refunded The Connor Group approximately $2.2 million in tax dollars!
Finding the refund out of the ordinary, Bob H took it upon himself to investigate why the county would send such a large amount of money back. The county combined two pieces of land Lennox Flats Apartments are built upon, making what’s called a “remediated parcel” and determined the building itself was not taxable due to the change.
“There was no question in my mind this tax refund was a mistake and it needed to be brought to Larry’s attention,” Bob H. said. “I told Larry, and he agreed 100% – we should Do the Right Thing and bring this to the county’s attention – even if it costs us millions of dollars.”
After discussing the facts with the County Auditor’s Office, Bob H. was shocked to hear the refund would not be reversed. The county was adamant that according to property records, The Connor Group did not owe these taxes – and would not need to pay tax on the building for ten years.
Since the county refused to take the money back, The Connor Group returned the additional $2.2 million to our investors. Here’s why –
“The tax refund money belongs to the property and should rightfully go back to the investors,” Bob H. said. “This was a strange and unusual situation, and one we’ve never encountered before. Our goal is, and always will be, to Do the Right Thing.”
