By: Jeffrey A. Levine, Esq.
Over the past several weeks, Ohio property owners have received written notices of their new property values for tax year 2023 from their county auditor’s office. Most owners are surprised by the sudden and dramatic increase – residential property values in Hamilton County jumped by an average of 32%. The increase is the result of the auditors’ latest property re-assessments. Every six years, county auditors conduct a full re-assessment and re-valuation of property values for real estate tax purposes. The full re-assessment and re-valuation includes an exterior physical inspection. At the halfway point of every six-year period, county auditors also conduct an update that does not include a physical inspection, but takes into account any general developments in the local real estate market. For Hamilton, Clermont and Butler County, a full re-assessment and re-valuation is now occurring for tax year 2023.
Higher property values always translate into higher property tax bills, which are calculated based upon the property value assigned by the auditor. Property owners can soften the blow from a sudden value increase by appealing their property’s valuation at the county board of revision. The deadline to file property valuation appeals for any given tax year is March 31 of the following year. Accordingly, the deadline to file a property valuation appeal for tax year 2023 is March 31, 2024.
The board of revision will conduct a hearing, and the property owner will bear the burden of proving that the property was over-valued by the auditor’s office. Hearings before the board of revision usually take place from May through September. The hearings are not as formal as court proceedings, but do involve a recorded presentation of evidence and testimony to a three-member board.
Generally, in order to prove to the board of revision that a property is over-valued, the property owner must present: (1) recent sales of comparable properties which sold for prices lower than the auditor’s value of their property, or (2) an appraisal, prepared by a licensed professional appraiser, concluding that their property’s value is lower than the auditor’s value. If the board of revision reduces the property’s value, the new value will apply until the auditor conducts its next valuation update – and sometimes beyond. Therefore, by seeking a value reduction just one time, a property owner can save money on property tax bills for many years into the future.
Although property owners can file valuation appeals on their own, there are a number of legal intricacies to the preparation of the complaint and the presentation of evidence at the hearing. An experienced attorney can help navigate this process and optimize an opportunity for a value reduction. If you are interested in seeking a property tax reduction, please contact Jeff Levine at JALevine@strausstroy.com or 513-629-9425. Mr. Levine has achieved successful results for residential and commercial property owners in boards of revision throughout the state of Ohio, including a recent valuation decrease of 83% for a commercial property owned by Fischer Homes.