Key Notes:
- Large property valuation increases (and tax bills) are adversely impacting property owners statewide.
- The opportunity to challenge the valuation increases closes March 31, 2024.
- Taxpayers should start gathering evidence now.
Higher Tax Values and Higher Tax Bills
Many commercial and residential property owners across Ohio have received notice of revised and increased property tax values for real property tax bills payable in 2024. Some of these increases are the result of mandatory updates by local county auditors, while other increases are the result of recent property sales. While the effects of these valuation updates will be felt for many years, the best opportunity to fight these increases opens and closes soon.
What Can I Do if I Disagree with the Increased Value?
If you disagree with the revised value for taxes payable in 2024, you can file a tax valuation complaint with your county board of revision. The complaint must be filed between January 1, 2024, and March 31, 2024. Failure to file a complaint during this period locks in the taxes payable in 2024.
What Evidence Do I Need?
A recent arm’s length sale (12 months before or 12 months after January 1, 2023), is often the best evidence of value. If the property has not been sold recently, an appraisal, prepared by an independent certified appraiser with an effective date of January 1, 2023, is recommended. Your appraiser must testify to support his or her opinion of value. Be careful – information submitted to support a value deduction is public record.
Who Might Oppose My Complaint?
Your local school district, which often receives more than fifty percent of the property tax you pay, may seek to maintain your property’s valuation. The school district may submit its own evidence of value and can challenge or attempt to discredit the property owner’s evidence and witnesses.
Once I File a Complaint, What Happens Next?
The board of revision will schedule an in-person or video hearing throughout the summer or early fall of 2024 to review, examine and ask questions about the evidence submitted. A few boards will provide an opinion of value on the day of the hearing, while most boards take several weeks to render an opinion.
What Happens If I Disagree with the Decision of the Board of Revision?
You may file an appeal with the Board of Tax Appeals in Columbus or your local court of common pleas within 30 days of the written release of the board of revision’s decision.
How Long Will the Benefit Last?
In many cases, the reduction will carry forward to the next mandatory revaluation (often three years).
What Should I Do If I Have Any Further Questions?
Contact any Thompson Hine attorney or, more specifically, Matt Lake or Tom Palmer.
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