Understanding the Valuation Process

Understanding the Valuation Process

Because market values change over time as properties are bought and sold, Ohio law requires that each home in the state go through an appraisal process every six years (a sexennial). In addition, every three years (triennial), the appraisal is updated. There are six major steps of the valuation process. While these steps may vary slightly from county to county, these are generally reflective of the steps that all counties follow.

  1. Collection
    With appraisals that happen every six years, state registered appraisers physically visit each home in the county to update property characteristics like dwelling type, age, condition, number of rooms.
  2. Analysis
    The county auditor’s office takes great care to ensure that property information is correct and that each property is assessed in a fair and uniform manner.
  3. Setting Value
    The estimated fair market value is used as the gauge when valuing property and setting the appraisal.
  4. Feedback
    Notices of value are provided to homeowners who have the opportunity to provide feedback and have questions and concerns addressed.
  5. Review
    Once the valuations go through the feedback process, they are sent to the state for review and validation. This is yet another step in the process to ensure that valuations are fair, correct and follow accurate trends across each county
  6. Finalization
    When the county auditor announces the completion of property valuations, all records are made available for public inspection.

How does valuation impact my taxes?
Due to recent levies now taking effect, property owners may notice changes in their bill.
There are two components that make up a property tax bill:

  1. The first component includes the various tax rates, which are set by taxing authorities, such as school districts, park districts, townships, villages and city councils.
  2. The second component is the assessed value of one’s property.

A third component may include special assessments submitted from municipalities, townships and counties.

Tax Break Programs

Tax Break Programs

Homeowners should be aware of tax rollbacks and reductions that may be available to help reduce property taxes.

  • Residential Tax Exemption
    Owner occupied homes are entitled to a partial tax exemption.
    Residential property that is not used in a business activity is entitled to a partial tax exemption.
  • Homestead Exemption
    Depending on their income, individuals 65 or older may be eligible for the homestead reduction.
  • Agricultural Use Value Program
    The Current Agricultural Use Value program exists for eligible agricultural property.
  • Property Damage
    Reporting damaged or destroyed property may reduce its appraised value.

Homeowner Concerns/Questions

Homeowner Concerns/Questions

Some homeowners may wonder when it is appropriate to provide feedback about their valuation.

Some of the questions to consider are:

  • Do you feel an error has been made in your appraisal?
  • Do you feel that the appraised value of the property is more than what the property would sell for?
  • Do you feel the appraisal missed something when your home was reviewed that might lower the valuation?

Homeowners that have questions or concerns about their valuation have the opportunity to provide feedback to a county representative to discuss their valuation and request that changes be made.

Property owners can appeal informally or formally. The informal hearings allow homeowners to meet with the appraiser and correct any mistakes or raise any questions. This informal process saves you time and money by not going to court. Property owners also have a formal appeal route that can serve their needs as well. Either avenue leads to fair play for property owners.