Property owners across Ohio are facing substantial increases in their property tax bills, with some counties seeing residential property value increases of more than 30%. As your trusted legal advisors in real estate tax matters, we want to ensure you understand your options and important deadlines for challenging these valuations.
Understanding the 2024 Property Tax Landscape
The dramatic rise in property values across Ohio has led to corresponding increases in property tax assessments. Counties including Ashland, Ashtabula, Geauga, Richland, Summit, Lake, Cuyahoga, and Wayne have completed their mandatory triennial property reappraisals, resulting in significant value adjustments. While increased property values can be beneficial for selling, they create challenging tax burdens for many property owners.
Critical Deadlines for Property Tax Appeals
The window to challenge your property’s tax valuation is now open but closes on March 31, 2024. This deadline is strict and missing it means you’ll be locked into your current valuation for the tax year. We strongly recommend beginning the process as early as possible to ensure adequate time for gathering evidence and preparing a strong case.
Evidence Required for Successful Appeals
To successfully challenge your property’s valuation, you’ll need to present compelling evidence to your county’s Board of Revision. The most effective evidence typically includes:
Recent arm’s length sales documentation from within 12 months before or after January 1, 2023
An independent appraisal with an effective date of January 1, 2023
Documentation of significant property damage or needed repairs
Comparative market analysis of recent similar sales in your neighborhood
It’s important to note that certain types of evidence are not considered valid for appeals, including comparisons to other properties’ assessed values or tax amounts, or general complaints about percentage increases.
Legislative Updates and Relief Measures
Several legislative initiatives are currently under consideration in the Ohio legislature to address the property tax burden. House Bill 187, known as the Ohio Homeowners Relief Act, proposes modifications to how the Tax Commissioner conducts property tax sales assessment ratio studies. Additionally, Senate Bill 271 would create a circuit breaker mechanism to protect certain homeowners and renters from excessive tax increases.
How We Can Help
Our experienced real estate tax team can assist you with:
- Evaluating whether you have grounds for a successful appeal
- Gathering and preparing appropriate evidence for your case
- Representing you before the Board of Revision
- Handling subsequent appeals if necessary
- Strategic planning for future tax considerations
Take Action Now
If you believe your property’s valuation is incorrect, we encourage you to contact our office immediately. The sooner we begin working on your appeal, the better positioned we’ll be to present a compelling case.
For more information about property tax appeals, visit:
– Ohio Department of Taxation: https://tax.ohio.gov/business/ohio-business-taxes/property-tax-real
– Ohio Board of Tax Appeals: https://bta.ohio.gov/
– Ohio State Bar Association Property Tax Resources: https://www.ohiobar.org/public-resources/property-tax
– Ohio Legislative Service Commission: https://www.lsc.ohio.gov/pages/budget/current/CurrentGA.aspx?budget=MainOperating&ID=MainOperating&Version=contentFI
You can also find detailed information about recent property tax legislation at the Ohio Legislature’s website: https://www.legislature.ohio.gov/legislation/search-legislation
(This blog post is for informational purposes only and does not constitute legal advice. Please consult with an attorney for advice regarding your specific situation.)
