Stephen K. Hall, JD, LLM – Member
Ohio Real Estate Tax – The Time to Protest the 2017 Tax Year Value is Running Out!
Practical Thoughts for 2017 Tax Year Valuation
The 2017 Tax Year was the “reappraisal” year in Franklin County and several other Ohio counties. Generally, because Tax Year 2011 was the last “reappraisal” year for the Ohio counties listed below, taxpayers may want to review the value that the Auditor assigned to the real estate for Tax Year 2017. Taxpayers may find significant changes to their real property values because the economy has significantly changed since 2011.
The following counties performed the “reappraisal” of the value of real estate in late 2017:
Although the “as of” tax lien valuation date for Tax Year 2017 is January 1, 2017, the process to challenge that January 1, 2017 value is performed a full year later. The complaint (protest) may be filed between January 1, 2018 and March 31, 2018. The value can be challenged either by the owner or by a school district, among other potential complainants.
Some practical points to consider when reviewing the tax bill you received include:
The deadline to file a complaint for the Tax Year 2017 value is March 31, 2018.
You may protest value in any of the 88 counties in Ohio, not merely the counties listed above.Those counties are listed above merely because they are the counties where all the property was recently re-appraised.
The “Fair market value” is what the auditor is alleging the property is worth.
The “taxable value” is 35% of that “fair market value.”
The tax rate is not something that is challengeable, it is merely the value that may be challenged; but since the tax is ultimately based on the value, the result can be a tax savings.
Generally, obtaining an appraisal could be useful in your attempt to establish the fair market value of the property.
Remember that some public entities (generally school districts) that receive much of the tax paid by property owners have the right to also protest the value, generally in an attempt to increase a property owner’s real estate tax liability.
Our attorneys have experience in assisting owners with real estate tax reductions. If you would like to discuss whether filing an appeal makes sense for your property or if you have questions about the valuation process, please contact Stephen Hall or Thomas Fagan.