Every County Auditor is required by Ohio Law to value all properties in their respective County, at fair market value, twice during a six-year cycle. The review of “fair“ market value will directly impact the property taxes for each property owner in the county. The cycle begins with a reappraisal and revaluation of all properties. In this article we will explore what & when triennial & sexennial valuations occur, how market value is determined, what causes changes in valuation, how does it impact your property taxes and what to do if you disagree with your new property valuation.
2020 is the year for Triennial Updates in Franklin, Delaware, Morrow, Licking and Pickaway counties. Below is the planned schedule by County Auditors, the one cited below is for Franklin County ( call or email for other county schedules):
- Tentative Value Mailer goes out to residents
- FCAO (Franklin County Auditor Office) holds “Informal Value Review Sessions”
- FCAO prepares final abstract of values
- FCAO submits final abstract of values to Ohio Department of Taxation
- Final values approved by State. Tax bills issued & FCAO sends final value mailer to residents
Why is this important for Property Owners to Know?
Short answer is that it will affect the value of your property for real estate tax purposes and a possible increase in you bi annual property taxes you pay.
What is a Triennial Update ?
A Triennial update is a review of valid sales over the period of 3 years, since the last appraisal. The sales data is looked at for trends in the market and values are equalized based on sales factors specific to each neighborhood. Therefore, changes in value will vary between neighborhoods. Neighborhood areas for valuing purposes are defined by like housing, type, age and size. As the name indicates, this is designed to update market values and therefore update assessed values of properties to tax purposes. Triennials occur 3 years after the last Sexennial.
What is a Sexennial Re Appraisal?
Under Ohio law, County Auditors are required to do a full, general countywide reappraisal once every 6 years. The Auditor or his/her qualified appraisers are required to view and appraise every property in the county for this purpose. The process takes between 2 -3 years to complete. Reappraisals can be in the form of an actual appraiser visiting the property, however it also includes “drive bys” of properties as well.
What is Market Value?
Ohio’s constitution, laws and courts have determined that the measure to be used determining the value by which property is subject to taxation is the “estimated fair market value”. Market value is defined as the price your property, would likely sell for in the market.
What Causes Changes in Valuation?
A primary objection of a revaluation is to adjust and equalize property values to reflect changes in the marketplace since the last valuation (Sexennial) . Since property values do not change uniformly, some values will go up, some stay the same and some will have gone down since the last valuation. Other facts, beyond variations in market value may cause a change in valuation. These could be alterations or change in the property, such as new construction not previously reported, new siding, buildings added or removed, interior finish added to basement or garage, new pole buildings constructed etc. A change in property use might also dictate a change in valuation, for example, a property use change from residential to commercial.
How does the county determine the value for a property?
For the Triennial, they appraise properties utilizing mass appraisal methods using a hired contractor that specializes in mass appraisals. The contractor will complete a reappraisal of all properties by gathering data on every property in the county and building tables that will determine the value. The accuracy of these tables is tested by looking at sales that actually occur to determine if the tables need adjusted.
If I disagree with my property valuation what can I do?
In September 2020, Franklin County Auditor (for other surrounding counties contact us for the schedules by counties) will hold Informal Review Sessions. In light of COVID-19, they will be setting up infrastructure for remote informals and will be encouraging residents to participate remotely. They do intend to have a least one in-person location for folks who cannot do their Informal Review Session remotely. For the first time Franklin County is asking all residents who wish to utilize the Informal Review Process to schedule an appointment in advance.
What type of Information do I need to support my opinion of value? Here is where we can help!
You may believe your value is incorrect, you have to be able to provide evidence to support your opinion of value. Evidence can include, but is not limited to:
- Correcting data the auditor has on your property
- A recent sale of your property.
- A recent independent fee appraisal of your property.
- If your property is listed for sale, a listing for the property.
- Sales of comparable properties in your neighborhoods. You must provide the specific properties you used as comps.
- Condition of your property (photos are always good to support this position).
- Improvements or injuries to your property.
- Any other information you think is relevant to support your claim to value.
How do I secure this information to support my claim?
The Columbus Team is here to help and can help walk you through the process, provide data to support your claim and just be there to talk you through the whole process. Sue Lusk-Gleich, Mary Allen, Patrick Florence, Erin Ogden Oxender, Terri Zellar, Heather Gott and Jeanne O’Keefe are committed to being your advocate in all things real estate, always delivering exceptional client services before, during and after the sale. Call us at 614-888-6100 or email us at firstname.lastname@example.org.