The fall of 2011 is the best time to evaluate whether your real estate tax obligations can be reduced. In 2011, all county auditors in Ohio completed their triennial update to re-set property values for the next three years. So, in most cases, the values set in 2011 will affect the assessed value of your home or business property for taxes payable in 2012 through 2014.
If you live in Ohio you have received or will receive an updated property valuation from your local county officials. Carefully review the proposed new valuation, keeping in mind the fact that on average, home values have dropped approximately thirty percent nationwide since 2006.
To challenge the new valuation you will need to file a formal, written complaint with your county Board of Revision between January 1 and March 31. Otherwise, the opportunity is lost until the following year. To succeed in front of the Board of Revision you will almost certainly need a qualified real estate appraiser to prepare an appraisal and to testify at the hearing.
While real estate taxes differ from municipality to municipality, a reduction in value of $25,000 to $35,000 for a Cincinnati homeowner typically justifies the costs of retaining legal counsel and an appraiser. In addition, a reduction in value tends to set a new, lower baseline, for future increases in your real estate’s assessed value.
If you would like more information about filing a complaint with your Board of Revision then please contact me.