Knox County Auditor Sarah Thorne has announced that tentative property values for the 2023 Triennial Update have been approved by the State Department of Taxation, Tax Equalization Division and are now available for review.
Ohio law requires that the Auditor review and update the values of every parcel in the county at least once every six years, this is referred to as a Reappraisal. Ohio law also requires, at the mid-point (3rd year) of the six year cycle, that the Auditor conduct an analysis of sales of similar properties that have occurred in the county. This analysis of sales at the midpoint of the Reappraisal is referred to as a Triennial Update, which our county is undergoing for tax year 2023, with taxes payable on those values in 2024.
Leveraging expert tools and analysis, the Auditor is able to get a clear picture of the impact the housing market is having on current home values. The analysis of all valid real estate sales is the lynchpin to the process and a large contributing factor to the overall value placed on each property. The Ohio Revised Code, the Ohio Administrative Code, as well as mandates from the State Tax Commissioner, provide direction for this process. For valuation purposes, the state recommends a target increase that is reflective of the valid real estate sales that took place in the county over the last three years.
Valid home sales drive market value. With the lower interest rates from a few years ago and now limited inventory due to people not wanting to leave these low rates, we have hit another wave of high sales prices. This boom has fueled a “seller’s” market, resulting in many cases, of homes that are being purchased for more than their established market value. The old saying “a rising tide lifts all boats” could be applied here. As real estate sales exceed the listed market value, all other similar properties will be adjusted to reflect what the market is dictating.
Auditor Thorne is offering online, phone and in person Informal Value Reviews to provide taxpayers the opportunity to review and have questions answered regarding their new property valuation. A postcard is being mailed in the coming weeks to all taxpayers which provides additional information.
Appraisal staff will be available by phone and for in person meetings, by appointment only, September 11th-15th and October 16th – 20th from 8:00am – 4:00pm. Please call the Auditor’s office at 740-393-6748 to schedule an appointment.
For more information please visit us at https://www.knoxcountyauditor.org.
