Mass Reappraisal Process

• All county auditors in Ohio are required by state law to update the value of all properties by conducting a reappraisal every six years (Ohio Revised Code section 5713.01).
• This is an effort to accurately reflect property value changes in the current real estate marketplace.
• The Ohio Department of Taxation makes the final determination as to whether updated property values determined by the Auditor are accurate and acceptable.

Data is collected from multiple sources to establish updated property values, including:

• Recent home sales in the neighborhood – this is one of the most significant factors
• Neighborhood data such as infrastructure quality and proximity to community amenities and resources is another important measure used by appraisers in determining home value
• A visual exterior inspection of the condition of the property relative to other properties in the neighborhood is conducted to determine physical characteristics such as age, condition, and recent home improvements which will also affect appraised value

All data collected is then aggregated to re-establish baseline Auditor property valuations and ensure each property value countywide aligns with the current housing market.

Property owners concerned about a post-reappraisal change in taxes can find more information and resources on the Know Your Home Value website franklincountyauditor.com/knowyourhomevalue

How does the appraised value affect property taxes?

• Your property taxes are equal to the taxable value of your home multiplied by your effective tax rate (also known as your taxing district)
• Ohio law states that the taxable value of your property is 35% of the appraised value of your home set by the county auditor. That means if your home is valued at $150,000 by the county auditor, your taxable value would be $52,500
• Most taxes are based on voter approval. There are established at the ballot box through your taxing district. Your effective tax rate is unique to your taxing district and to what you and your neighbors have approved when voting on levies and bonds.

If my property value increases in 2023 will my taxes go up?

• While the property reappraisal is not intended to increase or decrease taxes, there is a strong likelihood that the 2023 mass reappraisal will affect the amount of taxes you pay in the future.
• Due to a perfect storm of events throughout Franklin County, all property owners are going to see a property value increase and, in some cases, a historic increase.
• The correlation between property value and property tax is not a 1:1 ratio, meaning a 30%increase in property value will not necessarily equate to a 30% increase in property taxes.
• In 2020, when most property values increased throughout Franklin County, some neighbor’s values went up and their taxes went down, some neighbor’s values went down and their taxes went up, and some neighbor’s values went up and their taxes remained the same. It really depends on what is approved at the ballot box.

The following article has been repurposed from the official Franklin Country Auditor handout which can be downloaded here. You can also read more about the reassessment process at franklincountyauditor.com/knowyourhomevalue