The County Fiscal Officer is responsible under Ohio law for the valuation of all real estate in its respective county. Real estate is reevaluated in two cycles, the sexennial reappraisal (every six years) and the triennial update (every third year between reappraisals). The key difference between these two reevaluation cycles is the scope and methodology. Although both use an analysis of recent comparable sales to set value on a parcel-by-parcel basis, the sexennial reappraisal requires all property to be personally viewed. Cuyahoga County’s 2021 triennial reappraisals were recently released and Proposed Value Notices were sent out to property owners starting on September 17, 2021. It is being reported that property values increased by an average of 16% countywide. This is a larger increase than the average 10.8% increase during the last full appraisal in 2018.
Proposed Value Notices will provide a “Market Value” and an “Assessed Value”. The “Market Value” is defined as the price your property would likely sell for in an open and competitive market between a willing buyer and seller. “Assessed Value” on real estate is set at 35% of market value by the State of Ohio. Assessed Value is the value of taxable property to which the tax rate is applied to compute the amount of property taxes.
Property owners are entitled to challenge the tax evaluation through the formal appeal process with the Cuyahoga County Board of Revisions. However, there are still a few months before they can be filed. Tax Evaluation Complaints for the 2021 triennial reappraisals will be accepted between January 1, 2022 and March 31, 2022.
In order to successfully challenge an increased appraisal, evidence will need to be submitted that shows the property was reevaluated incorrectly. A recent sale that is below the reevaluation is strong evidence in addition to evidence regarding some form of damage or destruction that impacts the property’s value. Otherwise, a professional appraisal of the property may need to be done in order to have sufficient evidence to successfully challenge the reevaluation.
The experienced lawyers of the Mansour Gavin real estate practice group are here to help meet your needs. Should you have any questions or would like further clarification on this or other real estate matters, reach out to Mansour Gavin’s Real Estate group or contact us today.
