Posted on Tuesday, November 6, 2018
Q: What is an Informal Value Review
The Informal Value Review is your opportunity as a property owner to communicate with an auditor’s office representative and have questions answered regarding your property’s value.
Q: What Causes Changes in Valuation?
The primary objective of a reappraisal is to adjust and equalize property values to reflect changes in the marketplace since the last valuation event. Since property values do not change uniformly, some values will go up, some will stay the same, and some will have gone down since the 2015 Triennial Update.
Other factors besides variations in market value may cause a change in valuation. One such factor may be an alteration 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 building constructed, etc.
A change in property use might also dictate a change in valuation: for example, a property use change from residential to commercial.
Q: What is Market Value?
Ohio Constitution, laws, and courts have determined that the “measure” to be used in determining the value by which property is subject to taxation is “estimated fair market value.” Fair Market Value is defined as the most probable price each property would be estimated to sell for in an open market.
Q: How is Market Value Estimated?
Physical Characteristics such as age and condition of the home and other structures; square feet of living area; size of property; finished basements; number, type, size, and condition of outbuildings; number of baths; and quality of workmanship and construction.
Recent Sales of property are important and used by appraisers in determining market values. Even if the home has not been on the market or has never been on the market, its new value will reflect the recent sale prices of similar homes in similar areas.
Location is significant since properties can have the same physical characteristics, but their value can differ depending on the location. Property is worth what someone will pay for it and market conditions may be different in each neighborhood.
Q: What is Assessed Value?
Assessed value is the applied value property is taxed. Assessed value is 35% of the market value, i.e. if the market value of property is set at 100,000, the assess value is 35,000.
Q: Can a property owner appeal a CAUV (Current Agricultural Use Value)?
The County Auditor has no discretion or authority to adjust CAUV.
Q: What will my 2019 Taxes Be?
Taxes owed for 2019 will not be calculated until the end of the year when tax rates are issued. Taxes are based on levies which may change based upon the levies on the ballot in November. Therefore, no estimate can be given at this time.
Q: When Values decrease, will taxes also decrease?
There is no dollar for dollar correlation between the decrease or increase in appraised value and taxes.
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