The local Central Ohio real estate market continues to soar and as a result property values are up significantly. Unfortunately your taxes are about to go up as well.
On Monday, Franklin County Auditor’s office released tentative 2017 reappraisal property value changes by school district, and all but one local district logged double-digit percentage growth.
The Franklin County real estate market has rebounded in full from this past decade’s Great Recession, said Franklin County Auditor Clarence Mingo. Homeowners have once again begun to see a return on investment on their property’s value.
Mingo, indicated that the county saw a 6.7% decrease in residential property value in 2011. That was the first time since the Great Depression that property values actually fell countywide, he said.
As we’ve been reporting, the Central Ohio real estate market has bounced back in a big way and is on track for the sixth straight year of growth.
County residents will get their tentative value mailed to them in late August and informal value reviews will run from Sept. 5 through Sept. 28.
This is nowhere near a dollar-for-dollar increase in property taxes as opposed to property value. House Bill 920 (1976) made it possible for homeowners to be protected against large property tax increases when values go up and taxing entities from losing money when value goes down, he said.
A few dates are on tap (click here) as part of Mingo’s question and answer sessions with residents about the 2017 reappraisal.
If you feel your property value is too high (that is you feel your actual property value is less than the value assessed by the county) you can file a compliant which includes a request to change the value. For more on this topic read, Disputing Your Property Tax Assessment – Reducing Your Tax Burden
2017 Property Values
|Avg. Tentative Property Value Increase||Tentative Tax Increase|
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
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