On Thursday, the Ohio Supreme Court ruled that evidence of a commercial real estate transaction depends on the intent of the parties and the building transferred, not the structure of the sale. The court invalidated the "drop LLC" sale of 4121 Palmer Park Circle East, which would have deprived public coffers of about $273,000 a year in tax money, based on a lower valuation of the property. Eye on Ohio featured the case in its August 2019 investigation of the commercial property tax loophole in Ohio, which costs the median Franklin County commercial business property owner an average of at least $4,893 per year. A property owner with a $100,000 property in Columbus' tax district 10, where Palmer House is located, pays at least $1,800 extra. In December 2014, Palmer Square sold an apartment building to PPG Manhattan Real Estate Partners LLC.