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In Ohio, your real estate taxes are based upon 35% of the fair market value of your property. The fair market value of your property is determined by the local County Auditor’s Office. The County Auditor conducts an appraisal of all properties within its county every six years and updates the appraisal every three years. The recent decline in real estate values has created a potential tax savings for real estate owners and commercial tenants.
Under Ohio Revised Code §5715.19, owners of property have the right to appeal the Auditor’s valuation of their property by filing a complaint with the County Board of Revision. Absent several exceptions, the complaint may only be filed once every three years, so it is important to make sure you correctly complete the complaint. Of importance is the evidence that is provided at the Board of Revision hearing. If you recently purchased the property, the purchase price may be considered evidence of the fair market value. If you have not recently purchased the property, the best practice is to obtain an appraisal from a licensed appraiser that supports your proposed value. The revaluation process can also benefit commercial tenants who are responsible for all real estate taxes under the terms of their lease. If the lease grants the tenant the right to appeal the value, the tenant may file the complaint on the owner’s behalf and seek a reassessment of real estate taxes. It is important to keep in mind that the deadline to file complaints is, at the latest, March 31, 2010 and the failure to file the complaint prior to that deadline will result in a waiver of your right to dispute the valuation of your property for the remainder of the year. Contact Krugliak, Wilkins, Griffiths & Dougherty, Co., LPA to discuss your real estate tax situation and to determine if filing a Board of Revision Complaint is appropriate for you.
NOTE: This general summary of the law should not be used to solve individual problems since slight changes in the fact situation may require a material variance in the applicable legal advice.
This information provided by:
Nathan D. Vaughan is an attorney at the law firm of Krugliak, Wilkins, Griffiths & Dougherty Co., L.P.A. in New Philadelphia. Feel free to contact him with real estate questions at nvaughan@kwgd.com. Scott G. Hastings is an attorney at the law firm of Krugliak, Wilkins, Griffiths & Dougherty Co., L.P.A. in Canton. Feel free to contact him with real estate questions at shastings@kwgd.com.
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