Understanding The Valuation Process
It’s been said that “understanding is half the battle”—and when it comes to understanding the home valuation process, our goal is to make it simple and straightforward so you, the homeowner, can be both well informed and well educated.
Because market values change over time as properties are bought and sold, Ohio law requires that each home in the state go through a reappraisal process every six years (a sexennial). In addition, every three years (triennial), the appraisal is updated. The illustrations below will guide you through understanding the six major steps of the valuation process. While these steps may vary slightly from county to county, these are generally reflective of the steps that all counties follow.
With reappraisals that happen every six years, state registered appraisal firms’ employees physically visit each home in the county to update property characteristics over approximately a two-year period. These field appraisers attempt to make contact with the property owner to discuss the property characteristics, such as land size/type, building size, age, type, quality, condition, room counts and other relevant data.
The county auditor’s office takes great care to ensure that property information is correct and that each property is assessed in a fair and uniform manner.
The office works to establish neighborhood boundaries then looks at historic trends and actual sales over the last three years within these boundaries to determine the estimated fair market value of properties.
The estimated fair market value is used as the gauge when valuing property and setting the appraisal.
Fair market value is defined as the most probable price each property would be estimated to sell for in an open market between a willing buyer and a willing seller, neither being under any pressure to buy or sell, and all parties having full knowledge of all relevant facts about the property.
When the county announces the completion of property valuations, notices are sent to homeowners and all records are made available for public inspection.
Homeowners that have questions or concerns about their valuation have the opportunity to arrange a face-to-face meeting with a county representative to discuss their valuation. Homeowners are requested to submit documentation for any requested change.
Once the valuations go through the feedback process, they are sent to the state for review and validation. This is yet another step in the process to ensure that valuations are fair, correct and follow accurate trends across each county.
The state has the authority to request that each county modify their valuations if deemed necessary.
When the county auditor announces the completion of property valuations, all records are made available for public inspection.