Additional information can be found at Your Home Your Value - brought to you by the County Auditors Association of Ohio . This website was developed by the County Auditors Association of Ohio to aid individuals in gaining a general understanding of the home valuation process in Ohio.
The Informal Value Review is your opportunity as a property owner to communicate with an auditor's office representative and have questions answered regarding your property’s value.Back to top
The primary objective of a reappraisal is to adjust and equalize property values to reflect changes in the marketplace since the last valuation event. Since property values do not change uniformly, some values will go up, some stay the same and some will have gone down since the 2014 Triennial Update.
Other factors besides variations in market value may cause a change in valuation. One such factor may be an alteration or change in the property, such as new construction not previously reported: new siding, buildings added or removed, interior finish added to basement or garage, new pole building constructed, etc.
A change in property use might also dictate a change in valuation; for example, a property use change from residential to commercial.Back to top
Ohio's Constitution, laws and courts have determined that the "measure" to be used in determining the value by which property is subject to taxation is the "estimated fair market value." Fair market value is defined as the most probable price each property would be estimated to sell for in an open market between a willing buyer and a willing seller, neither being under any pressure to buy or sell, and all parties having full knowledge of all relevant facts about the property.Back to top
Physical Characteristics such as age and condition of the home and other structures; square feet of living area; size of property; finish in basements; number, type, size and condition of outbuildings; number of baths; and quality of workmanship and construction.
Recent Sales of properties are important yardsticks used by appraisers in determining market values. Even if a home has not been on the market for many years or has never been on the market, its new value will reflect recent sale prices of similar homes in similar areas.
Location is significant since properties can have the same physical characteristics, but their value can differ depending on the location. Property is worth what someone will pay for it and market conditions may be different in each neighborhood.Back to top
Assessed value on real estate is set at 35% of market value by the Tax Commissioner of the State of Ohio.
Assessed value is the value of taxable property to which the tax rate is applied in order to compute the amount of taxes.Back to top
Reappraisals and Triennial Updates- Ohio law provides that taxes may increase on only the unvoted millage (the first ten mills). All voted levies, which constitute most of the total tax rates are subject to the H.B. 920 credits or tax reduction factors.
New Construction- Whenever new value is added or removed from a property, taxes will increase or decrease accordingly.
Levies- Whenever voters pass new levies, taxes will increase according to the specific millage voted. This is the principal reason property taxes increase.Back to top
There is no dollar-for-dollar correlation between the decrease or increase in appraised value and taxes. Your appraised value multiplied by the voted levies equal your generated taxes. Most tax rates are adjusted each year to ensure they generate the amount of revenue they generated in the previous year.Back to top
Taxes owed for 2018 will not be calculated until the end of the year. Taxes are based in part, on the levies that voters authorize. Therefore, the County Auditor cannot estimate taxes owed until after the November election and until tax reduction factors are received from the State Department of Taxation in mid-December.Back to top
Property owners may ask for valuation changes through the Mercer County Board of Revision. The Board of Revision adjusts values not tax dollars. To contest your valuation you must file a complaint form with the Board of Revision at the County Auditor’s office between January 1 and March 31.Back to top
The Mercer County Board of Revision hears formal complaints on property valuations. Filing a complaint allows property owners to schedule a hearing before the Board of Revision, which is comprised of the County Auditor, County Treasurer and a member of the Board of County Commissioners or their representatives. At the hearing, property owners may present information such as recent appraisals or sales data for similar properties in support of their complaints.Back to top
The Ohio Tax Commissioner, with the advice of the Agricultural Advisory Committee, determines the value for approximately 3,500 soil types having a slope of less than 25% within the State of Ohio each year. The Tax Commissioner then issues an order to each of the 88 County Auditors directing them to use the value charts, created for the valuation of all CAUV lands within the State.Back to top
The CAUV values are based upon a formula containing five factors applied to three crops. The 5 factors include:
The crop prices, non-land production costs and capitalization rate are calculated by taking the previous seven years of numbers and eliminating the highest number and the lowest number (sometimes called an Olympic average) and then averaging the remaining five numbers. The prices, cropping patterns, costs and yield are then added and subtracted to determine the net profit per acre for each soil type. That number is then divided by the capitalization rate. This calculation is performed for each of the more than 3,500 soil types across the State of Ohio which has a slope of less than 25%.Back to top
The County Auditor has no authority to adjust CAUV soil values because they are sent to the County Auditor as an order from the Tax Commissioner. There are no provisions within the laws of Ohio for County Auditors to make adjustments to the values contained in that order.Back to top
CAUV - Current Agriculture Use Value