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Magnetar Reduces Property Tax Cut Request on Ohio Homes

Nov. 1 (Bloomberg) -- Magnetar Capital LLC, the hedge fund that bought about 1,900 rental homes mostly in a suburb of Dayton, Ohio, is withdrawing some property tax assessment requests after seeking the largest cut in the county’s history.

Vinebrook Partners LLC, the management company that oversees the homes for Magnetar, had asked April 1 to have the assessed value on 1,218 residences in Montgomery County cut by 49 percent, to $50 million from $98.6 million. The firm has withdrawn more than 250 appeals at hearings, according to Doug Trout, director of real estate for the county auditor.

Bloomberg reported last month that Magnetar had bought 1 in 11 homes, or a third of all rentals, in Huber Heights in January from the widow of Charles H. Huber, the builder who developed the town in the 1950s. A reduction in property taxes would curb funding for public schools and town services.

Magnetar spokesman Tony Fratto and Vinebrook co-founder Daniel Bathon didn’t immediately return calls for comment.

The Dayton Daily News reported the withdrawals yesterday.

Bathon, a former Drexel Burnham Lambert Inc. investment banker, said last month the tax cut will help them invest more in the properties, which will increase their attractiveness and value over time.

To contact the reporters on this story: Heather Perlberg in New York at hperlberg@bloomberg.net; John Gittelsohn in Los Angeles at johngitt@bloomberg.net

To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net; Rob Urban at robprag@bloomberg.net

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