We Can Reduce Your Property Taxes, Also.
Essex & Associates www.essexinc.biz March 2, 2012
The State of Ohio requires county auditors to reappraise or update real property values every three years.
These values are used to determine the amount of real property taxes a property owner is responsible to pay.
If a property owner believes that the Auditor's value is too high, theproperty owner can appeal that valuation to its local Board of Revision.
Although there are some exceptions to this rule, a property owner has the right to contest a property valuation once during each three-year reappraisal period.
Given the economic downturn and the significant reduction in the values of real property across the State of Ohio, many counties proactively reduced property values before they were required to do so by law.
Accordingly, many businesses and property owners have seen a reduction in their property values.
But even with these reductions, many properties are still significantly overvalued, and businesses are still paying too much.
Many counties are now in a new triennial reappraisal period.
What this means, is that even if you received an unsolicited reduction from the County, or even if you appealed your property value to your local board of revision last year, you now have the right to file an appeal seeking a lower valuation.
In the surrounding area, the following counties were required to reappraise property values for the 2011 tax lien year: Butler, Clermont, Greene, Hamilton, Montgomery and Preble.
The tax appeals process is always one year behind, so any appeals made last year concerned 2010 valuations.
Therefore, if a property owner appealed their 2010 property taxes last year, if the property is situated within one of these counties, they can undergo the appeals process again because the county is now in a new reappraisal period.
The process can be somewhat complex, but the simple takeaway is that if you own property in one of the above-mentioned counties and believe it is overvalued, you have the right to appeal that valuation this year.
If you are uncertain whether your property is overvalued, it often makes sense to seek the help of an appraiser.
We work with several appraisers and can recommend one familiar with property values in your county who has experience in appraising the type of property you own.
These appraisals often become the key evidence that will be presented to the local board of revision seeking a reduction.
The deadline to contest your 2011 valuation is April 2, 2012.
It is a firm deadline.
If you are interested in discussing the appeals process, or if you know that your property is overvalued and a reduction is warranted, please contact our firm to be certain your complaint is timely filed.
Wishing you many happy returns,
Wayne T. Essex Ph.D.
Essex & Associates
Tax, Accounting, Payroll
7501 Paragon Road
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