The Deadline To Challenge Your 2016 Real Estate Tax Assessment Is Approaching
By James T. Dixon & James T. Dixon and Colleen Geib on February 3, 2017
While the real estate market continues to heat up and property values rise as a result, it is crucial that property owners pay attention to their real estate tax assessments. County Boards of Revision may assess your property’s value at a significantly higher dollar amount than what your property is worth. In addition, the improving economy might embolden local school districts to bring their own actions to get an increase. As a property owner, you have the right to challenge your 2016 assessment before March 31, 2017. The attorneys at Brouse McDowell are available to review your assessments and recommend whether or not challenging a current assessment is in your best interest.
Property owners should pay careful attention to tax assessments for property located in counties that have recently reappraised properties. A number of Ohio counties have conducted a reappraisal or have instituted a statistical update this year. Property taxes will be calculated based on these new assessments for the next three years. The following counties have been reappraised or updated for tax year 2016:
In addition to a copy of the assessment, our attorneys will need some key information in order to correctly assess your property’s value:
- A copy of your 2016 tax bill or other assessment information;
- Financial information, including full-year income and expense statements for 2014 and 2015, lease information, vacancy rates, and rent rolls;
- A brief property description; and
- An identification of any major problems facing the property, that may affect value, including casualty losses, recent or upcoming vacancy problems, or an anticipated sale.
If your property is the subject of a sale, casualty loss, or a 15% change in the occupancy or vacancy, you are legally permitted to file a complaint, regardless of prior complaints filed recently. These factors may provide a basis for decreasing the assessment of your property.
Please contact the Real Estate and Construction Practice Group at Brouse McDowell to learn more about the steps we can take to ensure that you are paying the fair amount of taxes based on the correct value of your property.