In Ohio, your real estate taxes are based upon 35% of the fair market value of your property. The fair market value for your property is determined by your county of residence. Each county conducts a reappraisal of all real estate parcels within its county each six years, to determine the value of your property. The recent decline in real estate prices 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 valuation of their real estate by filing a complaint with the County Board of Revisions. Absent several exceptions, the complaint may only be filed once during the six-year revaluation so it is important to make sure you correctly complete the complaint.
The revaluation process is particularly important for commercial tenant’s who are required to pay 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 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 Revisions 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.