Properties Magazine December 2012 : Page 38

LEGAL PERSPECTIVES Navigating property laws & regulations Ohio Legislature Changes Property Valuation Rules for County Auditors he Ohio Legislature recently adopted House Bill 487 (“HB 487), which changed the property valuation rules for county auditors. HB 487 became effective on September 10, 2012. The new law does two things. It (1) clarifies the property interest to be valued, and (2) provides flexibility to the county auditor in determining the value of property that is the subject of a recent arm’s length sale to consider factors other than just the sale price. T JOHN P. SLAGTER, ESQ. Ohio Revised Code (“R.C.”) §5713.03 provides that the county auditor is charged with the responsibility of deter-mining the taxable value of each separate tract, lot or parcel of real property, build-ing or structure. Every three years, each county in the State of Ohio goes through a valuation analysis of property located within the county as required by R.C. §5713.01. The valuations are character-ized as either a reappraisal year or an update year. A reappraisal year requires a physical review of all properties within the county. Those physical reviews occur every six years and are often referred to as a “sexennial reappraisal.” In the interim period, between the six year reappraisal, the auditor will conduct an update, which is often referred to as a “triennial update.” The update is typically done by reviewing the overall percentage changes in certain areas of the county and making an overall The company to trust with your window replacement needs. The Commercial Window Experts...Since 1969 2800 Euclid Avenue | Cleveland, OH 44115 | (216) 621-4277 | Fax: (216) 621-7665 | 38 3URSHUWLHV | December 2012

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