The Real Estate Appraisal Process
Under Ohio law, O.R.C. Section 5713, the County Auditor is the assessor of all real estate in the county for purposes of taxation. The Auditor is charged with viewing and appraising each lot or parcel of real estate at its true value in money (or estimated fair market value) both land and the improvements thereon at least once every six years. In Ohio the common level of assessment for real estate is presently 35% of the appraisal value. So the taxable value of any parcel is 35% of its appraised or fair market value.
This six-year cycle is known as a sexennial general reappraisal and requires a site visit to every parcel. The Auditor is also required by law to conduct a triennial update of values the third year in between general reappraisals. This can be accomplished by percentage increases or decreases as reflective of what market activity has been in the county or in areas of the county in the last three years.
The Auditor values new construction and changes in use of properties annually.
Each year the Auditor places the value of each parcel on the Auditor's tax list and Treasurer's duplicate for the current year. The tax lien date for real property is January 1 of each year for taxes payable in the following year.