A few weeks ago, the Franklin County Auditor mailed letters to home owners stating the new values of their properties. Most likely it included an unpleasant surprise, as you realized that skyrocketing home values result in substantial increases in property taxes.
We are living in Dublin, and the auditor increased the tax value of our home by 6%. Seems reasonable, as it is consistent with the overall appreciation of real estate in Northwest Columbus.
Some homeowners, however, were not that lucky. They saw steep increases of tax values. Here are a few examples of homes I listed and sold in the past 2 years:
2766 Dorchester Rd, Upper Arlington
tax value goes from $546,000 to $925,700: a 70% increase
297 Brevoort Rd, Clintonville
tax value goes from $227,500 to $297,100: a 31% increase
5252 Taylor Lane Ave, Hilliard
tax value goes from $143,900 to $192,300: up by 34%
Property Value Reappraisal
Under state law real estate property is reappraised every six years and property values are updated in the 3rd year following the appraisal. According to the Ohio Department of Taxation, Franklin and Delaware Counties reappraised in 2017.
Click here to learn how the home valuation process works.
What Can You Do, If You Disagree with the Valuation?
You don’t have to accept the preliminary valuation of the auditor. Informal value review sessions have been scheduled at various locations throughout the county. There you can meet with a county appraiser and submit information that supports a different valuation.
In Franklin County, you can also submit documentation online until September 28, 2017.
After September, the auditor will finalize its values.
Between December and April 2, 2018, you can submit formal complaints to the Board of Revision.
Disputing Valuation Errors
In the past (during the recession) we had successfully argued for lower property values with the Board of Revisions.
With home prices increasing all over Columbus, it will be much harder to get your tax value lowered this year. My best advice is to submit solid documentation, such as an appraisal or a HUD-1 or closing disclosure statement from your recent purchase.
The owners of the property on Dorchester Road in Upper Arlington will have a good chance to adjust their property value this year. They purchased the home for $645,000, that’s $280,700 less than its new tax value. Based on current tax rates the owners may save $3,000 a year.
Note: The cover story in today’s Dispatch points at valuation errors due to lot size. If you have a larger lot than your neighbor, you may be hit with a much higher valuation.
Call or text me at (614) 975-9650, if you have any questions regarding your home’s market value!
Susanne has been a licensed Realtor since 2007. She worked for a small independent brokerage for 5 years before she and her husband opened RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families per year with their real estate needs. She will work diligently to help you get top dollar when you sell your house and tirelessly search for the perfect home if you are looking to buy.