Every six years the Franklin County Auditor conducts a full appraisal of all properties in the county. They make additional adjustments to the valuation every 3 years. 2020 is one of these years.
If you are living in Franklin County you probably received a colorful letter from the auditor, like this one:
It informs you of the new value of your home. Most likely it is much higher than your current value. Ours was up by 20%, and that means property taxes will increase.
This video explains the process …
Do You Have to Accept the Auditor’s Valuation?
The Auditor’s property valuations are quite accurate in subdivisions with many similar homes. Since they use an algorithm to compute the value, they don’t know the exact condition of your home and the assessment may be off.
You don’t have to accept their valuation. You can request an in-person or virtual review of your home’s value before October 2, 2020.
Should Your Request a Review?
Lowering your home value means lower property taxes.
Based on my personal experience these reviews are fair and mostly in favor of homeowners. You will need documentation, such as a closing statement if you purchased in the past year or two, or a formal appraisal.
School districts are the main beneficiaries of higher valuations. They employ full time attorneys to oppose substantial reductions in property values.
When Not to Request a Review
Don’t request a review if your property is worth more than the auditor’s assessed value.
If you purchased your home for $300,000 in the past 2 years, and the auditor’s new value is $250,000, don’t file a complaint and enjoy the lower taxes.
However, if the auditor claims your house is worth $350,000 you certainly have a case. You will likely get the value reduced if you show a recent closing statement or appraisal.
How I Can Help You
I’d be glad to prepare a Comparative Market Analysis (CMA) if you believe your newly assessed property value is too high.
You have to act quickly as the October deadline is less than 2 weeks away!
If you are ready to move, I can help you find the best deal! Click here to schedule your FREE Virtual Consultation. Call or Text me at (614) 975-9650!