Now is the time of year when counties issue, send, or provide property assessment notices, as required by Ohio law. Ohio’s revised code 5715.17 requires counties to give notice that assessment reviews have been completed and are open to public inspection. Some counties have already started publishing values and providing advisories. Counties generally have a fixed window in which to operate until the values are frozen and must be challenged by a complaint filed with the county board of review. Leveraging the informal process is often the best way to handle assessment issues because of the way property tax mileage is set for both property owners and property tax funded entities such as school districts, libraries, and security forces, among others.
OWNERS SHOULD REVIEW REVIEWS
Prudent owners should review the appraiser’s appraisals and property information to ensure they are correct and resolve any discrepancies with the appraiser informally within the timeframes set by each county. For real estate and financial services professionals, reviewing appraisal reviews with clients is a great opportunity to engage strategically.
Owners and occupiers should not worry too much when there are increases in value. After all, property values should increase in a healthy economy, all else being equal. Plus, Ohio homeowners get House Bill 920, which tends to limit or temper tax increases when values rise. Additionally, Ohio has a 10.0% automatic credit for non-commercial property types, an $8,750 exemption on the assessed value of homesteads for the elderly, and totally and personally disabled. , and a 2.5% occupancy credit for the owner.
The 2022 taxation year is the first taxation year affected by the adoption of House Bill 126 earlier this year. To sum up The major changes of HB 126the bill limits the ability of governmental authorities to file assessment increase complaints, outlaws private payment agreements between property taxpayers and governmental authorities, and requires governmental authorities to pass resolutions to initiate appeals and that the owners receive notifications of the vote on these resolutions.
NUANCES OF VALUATION ASSESSMENT
In Ohio, there are several nuances to consider in assessing property tax values. First, it is important to understand that it is the market value of the fee simple interest that is being assessed. This concept is an important issue to explore if your property is leased to one or more tenants, or if the property is a hotel. Next, Ohio exempts personal property and business facilities from property tax. Therefore, parts of buildings, structures and improvements that are specially designed, constructed and used for the commercial activities carried on in the building, structure or improvement, including but not limited to foundations and supports for machinery and equipment are exempt from property tax. business arrangements. Exempt personal property is present in many buildings, particularly hotels, manufacturing and processing facilities, convenience stores with fuel service, apartments and intensive medical care facilities. Finally, real estate in Ohio should be valued at its highest and best use for tax purposes, which is an important consideration for properties at various transition points.
A list of counties updating values by update form and unofficial notification schedule is below: