BHMK Law’s physical office is now open and operating on a modified basis. Most of our attorneys and staff have returned to the office and are on site to serve your needs, while those who are not continue to work remotely and take advantage of the technology investments we have made over the last few years. We are limiting the number of persons in the office at one time and have created special protocols around client visits to the office. Please discuss your needs and our protocols with your attorney or staff member. We are proud to continue to serve you at this time and continue to prioritize the health and safety of our clients, staff, and attorneys.

An opportunity to lower your real estate tax payments

| Nov 17, 2011 | Real Estate |

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.
Steve Hoffsis

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