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Decoding Your Taxes: A Glossary of Tax Terms You May Need to Know
Navigating the maze of federal taxes can be daunting. Many tax terms are confusing, whether you're a business owner, a...
Submitted By: Janice T. Jasinski on Aug 3, 2023 2:45:00 PM
Every six years, Ohio law requires all county auditors to reappraise each parcel in their counties. This reappraisal process involves an “on-foot or drive-by” inspection of the exterior of properties to obtain accurate information regarding buildings and homes in the county. The information obtained through these inspections combined with sales data will be used in determining a parcel’s appraised value for taxation purposes.
This year, Mahoning and Trumbull Counties are reappraising each parcel in their counties. The Mahoning County Auditor, Ralph Meacham, has indicated that he anticipates increases in appraised values to be around 30% on average. The Trumbull County Auditor is also anticipating an increase in appraised values but has not yet determined an estimated percentage. Columbiana County went through this process in 2022, and the increase was between 18% and 50%. Some areas saw higher increases than others, depending on the sales data.
The counties were scheduled to complete their reappraisals last month, and Meacham said he expects the Ohio Department of Taxation to approve the tentative values in August. At that time, the county auditors’ offices will release the new values on their websites, and the county auditor reappraisal hotlines will become active.
In December and January, the county auditors will submit tax levies to the state for tax rate calculations. The state will then send the tax rates to the county auditors who will calculate the property taxes and publish them on their websites.
The formal Board of Revision appeal filing period opens January 2, 2024 and closes March 31, 2024. A Board of Revision appeal involves the property owners providing evidence to make a case for the property value being incorrect.
If you own property in Mahoning or Trumbull County, be sure to check the auditor’s website for the new values. The auditors expect that there will be numerous appeals and, therefore, the appeal process may take longer than normal. It has not yet been stated if the auditors will publicly announce when the appraised values are updated on their websites.
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