ASHLAND — Property values in Ashland County have increased, on average, by 36% over the last year.
Ashland County Auditor Cindy Funk recently sent 25,000 letters to property owners detailing how much their properties have increased since 2020.
The state-mandated process is known as the triennial update, and it’s based on sales of real estate within Ashland County.
County auditors across the state must reappraise all their real estate parcels every six years and update their values every three.
The main difference between the two processes is that the three-year update relies on home sale data. The reappraisal is more comprehensive.
Funk said property values across the county increased anywhere from 5% to 45%, depending on separate neighborhoods and communities.
“In my neighborhood, we had a few large sales,” she said.
The letters were mailed Sept. 21 and 22, and specified the percentage of an owner’s increase. The auditor’s office then gave residents the option for “informal reviews” starting Oct. 2-6 and again Oct. 10-13.
Property owners with questions or concerns are encouraged to come to speak to an official at the Ashland County Office Building, 110 Cottage St., from 9 a.m. to 3 p.m., Funk said.
Though property values increased by 36% on average, tax rates won’t, Funk said.
“We don’t know what the tax rate is going to be, but it won’t be the same as the property-value increase,” the auditor said.
Factors such as levies for schools, libraries and first responders will play into a specific community’s tax rate.
Funk said tax rates will likely be determined by late December.
Legislative responses
Larger looming tax bills in 2024 have caught the attention of state lawmakers.
A bill introduced Sept. 12 would freeze property taxes of Ohioans 70 or older who make less than $70,000 a year and who have owned their home for 10 years or longer.
Currently, Ohio’s tax commissioner uses the last year of home sales data to determine tax rates.
Another bill, introduced in May, changes that to three years. It would also remove the tax commissioner’s discretion to set property valuation increases.
Legislators have not voted on either bill.
Source : AshlandSource