We are all well aware of Central Ohio’s slumping real estate market. You only have to tune in to the six o’clock evening news or open the daily Columbus Dispatch to get the latest headline story on our declining property values, mortgage meltdowns, vacant homes, and vandalism. I remember men talking about sports in the barbershop. Nowadays, the economy and more particularly real estate, dominates a great deal of our conversations. Central Ohio property owners should take a look at reducing their assessed property tax values.  In fact, many of our neighborhoods have seen sharp decreases in our values as much as thirty-five percent especially in the inner city and suburbs alike. One of my real estate listings on the east side of town is on the market for a mere 59k. My client bought the home just a few years ago for what seem to be fair market value for 103k.  Many homes in Franklin County will now sale for at least 50k less than what they were purchased for. All new buyers should consider having their property taxes reassessed by the county auditor. Taxes could be reduced by as much as $750 a year because of the unfortunate drop in property value. The reduction could save a homeowner as much $60 a month in their escrow account.     

Tax reassessment is the process of asking the county tax auditor to re-evaluate your property taxes. The real property tax law defines reaassment as “a systematic review of the assessment to attain compliance with the statutory standard of assessment.”   Reassessment is based upon the home sales in your immediate area, generally a mile or less.  A reduction in your property taxes will reduce your monthly tax escrow, which will in effect reduce your monthly mortgage payment. This will allow the average everyday homeowner to receive some possible real time “financial relief” from the current real estate crisis.

The very first step in the reassessment process is to go to your county auditor’s website for verification of your personal tax information. Our website at www.infinityrealtygroupofohio.com contains a link to all the local counties’ website for your perusal to your county’s website. After going to your county’s website, you should click the link titled property summary and verify your property’s information. Square feet, number of bed rooms, year built, bath rooms, total rooms, subdivision and property sketch/photo are all factors in reviewing your property’s information. You should also take a look at residential, improvements and map (GIS) links. Every detail is important. If one characteristic of your property is incorrect both your value and taxes could also be incorrect. Next, you must request the reassessment forms from the county auditor.

The second step is asking your Infinity Realty Group of Ohio real estate expert to assist you in a Comparison Market Analysis (CMA). The CMA report will provide you with real estate sales in your area by reference of the number of days on the market, square feet, year built, subdivisions, street names, sold prices and listing prices. This report will give you the most accurate professional information you need to successfully argue your case to a county tax auditor.  This information will be nearly as comprehensive as a full detailed appraisal report. Keep in mind, an appraisal is completed by a license appraiser is considered a much better report and will be held as a better resource. An actual appraisal will cost you from $250 to $350. You can look in the yellow pages to contact a licensed appraiser or call your local bank or Mortgage Company for quality appraisers.

Your next step is to submit pictures of vacant or abandoned homes in your neighborhood. Also, you can take pictures of upcoming foreclosures by going to http://www.sheriff.franklin.oh.us/ for a listing (click civil real estate and search by zip code) of recent and future Sherriff’s sales.  The county auditor will appreciate the snapshot of your neighborhood. The county tax auditor may not even physically come to your home for the reassessment process. It is true that upcoming foreclosures will hurt your property’s value. However, if you live in an area where the builder is still constructing homes, then ask for a statement of current sales and production from a salesperson with that builder. Additionally, ask the builder for a copy of your floor plan to compare with the auditor sketch of your home. Builders are having trouble selling homes and could be a very good ally to you. In fact, the builder may have special promotions to entice prospective buyers. All enticement may further help to discount your homes value and show a decrease in your home value.  In some cases, builders are actually selling the same model for a lesser price than a few years back.

The only real drawback to reducing your taxes is that your property taxes help to fund county programs. Thus, the county will have fewer funds for some of its social services such as children’s services, county alcohol and drug mental services, MRDD, metro parks, Columbus zoo, senior citizen programs and school districts. Also, the final report should be very thorough, neat, precise, and similar to a college term paper. Make sure your cover page include your email address, name, and multiple phone numbers and of course subject property address.  After you prepare your report take it down to the county auditor office at 373 South High Street, 21^st           floor, Columbus, OH, 43215(Franklin County). You should have a report for yourself to keep for future reference. Ask the auditor for a personal interview at your home. This interview will allow the auditor to further evaluate your claim to reduce your property taxes.  You will be notified of the auditor’s decision by certified mail.   Franklin County will only allow you to request a reassessment once every three years – so you must plan wisely.  If you have any questions regarding the Franklin County Auditors re-assessment program, please contact the Franklin County Auditor at 614-462-4663.

David L. Printup ABR,GRI is the owner/broker of Infinity Realty Group of Ohio, L.L.C.  David is also a licensed insurance agent and has well over a decade of real estate experience.  If you would like to get more info regarding tax assessment, please email to davidprintup@gmail.com .