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Home / Services / Calculators / Newsletter / Archives Real Estate Revaluation The county auditor is required by state law to revalue each parcel of real property every six years. This program is called revaluation and the last one was conducted in 2000. During the third year of this six year cycle, Ohio law requires the county auditor to update real estate values to reflect the current market value. This program is called triennial update and was conducted this year, in 2003, and will be applicable for taxes paid in calendar year 2004. By now, most property owners should have received a notice from the county auditor showing the owner's name and address, the parcel number, the address of the property, the estimated market value as last determined, and the estimated current market value. It is important that you review this notice immediately. If you agree with the estimated market value, then no further action is required. However, if the estimated market value seems too high, you must act quickly or you will lose your rights to challenge this value. Remember this: YOU MAY ONLY CHALLENGE THE MARKET VALUE OF THE PROPERTY, YOU MAY NOT CHALLENGE THE TAXES THAT ARE DUE! The revaluation notice contains a comment card that will help you appeal the new estimated market value. If you recently purchase property, the purchase price that you paid should best reflect the actual market value. If you have owned the property for some time and the estimated market value is substantially greater than your estimate of market value, you may uses a private appraisal firm to establish a more reasonable market value. This is particularly true if the property is rental or commercial property. If you have listed the property for sale at a lower advertised price, this could establish a more reasonable market value. If you have not been able to sell it at the asking price, the offers to purchase that you received will help form a basis for a more reasonable market price. The newspaper has a real estate section that shows the recent sale of property in each area with the address, sellers name, buyer's name, and sale price. You should search for a property that is similar to yours and use that price to establish a more reasonable market value. During the appeal process, you will probably find that a Solomon-like result will occur, with the board splitting the difference with you. If you try to low-ball the estimated market value, the school board or other interested taxing districts may submit evidence to raise market value even higher.
(October, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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