Here’s what you can do about historic rise in property values
You have likely seen the headlines: “Franklin County homeowners should brace for a ‘historic’ rise in property value.”
It is true.
This mass reappraisal year comes at a time of many converging elements, a “perfect storm” of events in our county. The continued hot demand for property countywide, the ongoing lack of housing stock, significant population growth, an increase of outside investment in local property, and outdated state laws will all have an influence on property value.
While the reappraisal and corresponding property value increases are required by state law, we understand that they may be troublesome to homeowners and renters at a time when the cost of living and the lack of affordable housing are major issues facing our community.
To that end, your auditor’s office is working to make the reappraisal process (aka Know Your Home Value) as transparent as possible, asking for the input of residents and making them an integral part of the process, ensuring their voices are heard about their home values.
What can property owners do?
Through the end of March, ahead of the tentative values being turned over to the state, the office is conducting a Neighborhood Survey to gather information from residents. We want to ensure the data we’ve collected matches what you are seeing in your neighborhood.
After the tentative values are distributed in August, the office will offer property value review sessions where property owners will be able to speak with an appraiser and present documentation as to why they feel the value established for their property might be too high or too low.
Undoubtedly many of the questions we receive is about the increased impact value increase might have on potential tax increases.
It is always important to remember taxes are established at the ballot box through your taxing district, and these taxes are not a dollar-for-dollar increase.
In fact, the Ohio tax equalization process provides protection against value increases resulting in the same percentage of tax increases by adding reduction factors to your tax bills.
Where does the tax money go?
Contrary to the opinions of some, this entire process does not lead to a windfall of funds for the county or taxing agencies.
Under Ohio law, the vast majority of money paid for real estate taxes goes to fund local schools, local city and township governments, and other taxing agencies.
Any Franklin County property owner can always find a specific breakdown of exactly what their property taxes fund by viewing their property on the property search page available at www.franklincountyauditor.com.
Throughout this year and the Know Your Home Value mass reappraisal process and beyond, the Franklin County Auditor’s Office remains accountable and accessible, and hopes to hear from you with any questions, comments, or concerns. You can learn more about the process at franklincountyauditor.com/knowyourhomevalue.
Michael Stinziano is Franklin County auditor.