If you think your home’s appraised value is more than what you can sell it for, then it’s in your best interest to contest the value. The first thing to understand is that property taxes are one of the largest sources of revenue for your municipality, county, and state government. Tax assessments are made up of two components, they include: the value of your land and also your home. Ohio Revised Code and Ohio Administrative Code require the appraisal department to conduct a new appraisal of each parcel every six years, or an update every three years if home improvements were made based on building permits obtained on your property. Understanding how to contest your home’s appraised value is critical to winning your appeal. You will need to consider many factors to determine the fair value of your home. The auditor will look at the acreage, age of your home, square footage, recent improvements, outbuildings, decks or patios, and/or other areas of your property that have value.
To appeal your property tax assessment, you must contact your local county auditor to file a formal appeal of your property’s assessed value. You should start by requesting a copy of the property card from your local auditor’s office. The property card must include the information used to determine the appraised value of your home, including: square footage, lot size, bedrooms, bathrooms, finished basement, etc. If there are any inaccuracies in this information, you must notify your auditor’s office in writing of the errors. You should also contact your local auditor’s office to complete an appeal form or you can file an appeal electronically on their website. E-filing gives homeowners easy access to complete and submit a tax department form, which is an online real estate appraisal complaint, eliminating the requirement for a notarized signature and seal. Many of the county auditors in Ohio will only accept property valuation appeals during the first three months of the year. If you recently purchased your home, you must provide the auditor with a copy of your purchase agreement and a copy of your HUD statement or closing disclosure as evidence of your property’s value. If you have owned your home for more than a year, it would be in your best interest to contact a licensed appraiser to have your home appraised and valued. In addition to the appraisal, it would be beneficial to provide a list of recently sold homes in your area that are similar in age, square footage, amenities, and lot size to your own home. You should provide as much information and documentation as possible when you appeal your property taxes. When referring to your property, use your parcel number and address. This can be obtained from your tax bill. The more information you provide to the auditor, the greater the chance your appraised value will be reduced, but be careful because the review board may use the information you provide to increase or decrease the total value of any parcel included in a complaint.