Understanding Your Property Valuation
Contact Information:
ATTN: APPRAISAL DEPT
ROGER A. CORLETT, CPA, AUDITOR
25 W JEFFERSON ST
JEFFERSON OH 44047-1092
Phone: (440) 576-3749
FAX: (440) 576-3446
WHO?:
Taxing authorities such as school
districts, park districts and city councils set tax rates and levy TAXES.
WHY?:
Because taxpayers DEMAND SERVICES.
WHAT?:
Taxing authorities REQUIRE MONEY to
provide those services.
IF YOU ARE CONCERNED ABOUT RISING TAXES, YOU SHOULD:
Attend budget
hearings.
Work for efficiency in government.
Call or write the taxing authorities.
Decide whether you are willing to do
without services to keep taxes low.
How is the value created?
What is the purpose of the Ashtabula County revaluation program?
Why should properties be equalized?
What causes property values to change?
How is my property determined?
What is fair market value?
Is tax relief available? YES!
I believe my property has been unfairly or
inaccurately valued, can I appeal?
How is the
value created?
Buyers and sellers in the market CREATE VALUE. The Auditor's
Office studies the market and collects
information about properties to ESTIMATE VALUE. The Auditor's Office has no
control over tax rates.
This is set by the Ohio Department of Taxation.
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What is the
purpose of the Ashtabula County revaluation program?
The primary purpose of any revaluation program is to provide
equalization between all property owners
as well as between all classes of property. Ohio law requires revaluation to be
completed every six years
for all real property in Ashtabula County. The program is not intended to
increase revenue, but only to
equalize as each property is compared to all others.
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Why should
properties be equalized?
Since ad valorem taxes are based on value, it is imperative to
have all property valued periodically on a
uniform basis, using a modern system of valuation. Market value appraisals
become the foundation for
assessments, and equalized values create equalized and uniform taxes. This
process assures the taxpayers
in Ashtabula County that each is paying only his or her fair share.
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What
causes property values to change?
A property's value can change for many reasons, including
industries moving in or out of a community, a
shortage of detached housing in a desirable neighborhood, or recession. Of
course, when a property itself
changes, through the addition of a bedroom, garage, or swimming pool, or through
destruction by flood or
fire, its value will be affected accordingly.
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How is my
property determined?
In the first phase, data collectors--who are not
appraisers--verify and update the county property data file by
making an on-site visit to your property. At a later stage, professional
appraisers analyze the data in the field
and establish the estimated fair market value (the price a willing seller would
receive from a willing buyer).
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What is fair
market value?
First, please understand the appraiser does not "set"
value; they simply research the values being set
by buyers and sellers in the local market. The appraiser then applies his or her
experience and knowledge of
the local real estate market, together with proven methods and procedures for
analyzing comparable properties
and considering the many factors affecting value. Your property should appraise
at the price of comparable
properties on the market, plus or minus adjustments for differing factors.
Specifically, the following
considerations
are important:
1.
PHYSICAL CHARACTERISTICS: QUALITY OF CONSTRUCTION, AGE, CONDITION OF A
STRUCTURE, AND THE
EXISTENCE OF DESIRABLE FEATURES.
2. RECENT
SALES: SALES OF SIMILAR PROPERTIES ARE IMPORTANT YARDSTICKS USED BY
APPRAISERS IN
DETERMINING VALUES. THE SUPREME COURT OF OHIO HAS RULED THAT THE
BEST EVIDENCE OF MARKET
VALUE OF A PROPERTY IS A RECENT SALE OF THE PROPERTY ON AN "ARMS
LENGTH" BASIS.
3. LOCATION:
PROPERTIES CAN HAVE THE SAME CHARACTERISTICS BUT THEIR VALUE CAN DIFFER
DEPENDING ON LOCATION. THIS IS BECAUSE MARKET CONDITIONS DIFFER BETWEEN NEIGHBORHOODS.
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Is tax
relief available? YES!
Relief is available in the form of the Rollbacks,
Homestead Exemption, Current
Agricultural Use Value, and
Forestry programs.
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I believe my
property has been unfairly or inaccurately valued, can I appeal?
You may appeal when you can prove at least one of three things:
1. Items
that affect value are incorrect on your property record (i.e. you have one bath,
not two. You have a carport, not a garage);
2. The estimated market
is too high (i.e., you have evidence that similar properties have
sold for less than the estimated market value of your home); OR
3. tHE ESTIMATED MARKET VALUE OF YOUR PROPERTY IS ACCURATE BUT INEQUITABLE
BECAUSE IT
IS HIGHER THAN THE ESTIMATED VALUE OF SIMILAR PROPERTIES.
Remember...you will not win an appeal simply because you think
your taxes are too high. You must prove that
your taxes are too high. You must prove that your property has been unfairly or
inaccurately assessed. However,
you may be eligible for tax relief or exemptions as described previously.
Taxpayers will be given the opportunity to discuss their new
valuations with the appropriate officials at a time
to be announced. If, after these informal meetings you are still not satisfied that
your property is valued correctly,
a more formal appeal process is available to you after you receive your first half tax
bill. At that time, you can
contact the Auditor's Office for a Board of Revision Complaint Form.
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