Real Estate Values Have Increased 41% in the Last Six Years

Franklin County is going through a Mass Reappraisal Process, required every 6 years. Are Real Estate taxes going up?

What is the Mass Reappraisal Process?

1. Ohio county auditors are required by state law to update property values every six years. Franklin County, among other counties, are currently going through their mass reappraisal, with new values going into effect January 1, 2024.
2. In Franklin County, since the last mass reappraisal in 2021, values have increased an average of 41%.

How is the Appraised Value Calculated?

1. The primary factor is recent home sales within your Delineated Neighborhood. Delineated neighborhoods are determined by the county and can be found on the county auditor’s website.
2. Proximity to community improvements, such as parks, centers of employment, schools, and other infrastructure features are used in calculating the home value.
3. Visual exterior inspections are used to evaluate age, condition and recent home improvements.

How Does the Appraised Value Affect Property Taxes?

1. Your property taxes are equal to the taxable value of your home multiplied by your tax rate.
2. The taxable value of your home is 35% of the appraised value, calculated by the county auditor.
3. Your tax rate is a number unique to the specific tax district where you home is located. It is
   made up of primarily voter approved issues (levies and bonds on schools and other issues).

If my Property Value Increases, will my Taxes Increase?

1. Probably, but not always. Your taxes are a formula of your property value multiplied by your tax
   rate. If your tax rate goes down, it is possible for the property value to increase while your total
   tax decreases.
2. That said, in all probability, your taxes are going up. And the increase will likely be significant.

Can I Appeal the Appraised Value?

1. Yes, you can. The process varies by county. Go to your county auditor’s website to learn the
   process.
2. The first step is to look up your home specifically on the auditor site, and confirm the
   information is accurate. Errors can happen, and incorrect data about square footage, room
   count, bathrooms, and other factors will impact your taxable value.
3. The next step is to learn your Delineated Neighborhood as determined by the county auditor
   (this can be found on the auditor’s site) and compare your value to the values listed by other
   homes within the same Delineated Neighborhood.

Where can I find More Information?

Go to your county auditors site. For specific information on Franklin County, go to
FranklinCountyAuditor.com/KnowYourHomeValue.

Kyle Alfriend
Alfriend Group / ReMax
AlfriendGroup.com
(614) 395-1776
Kyle@AlfriendGroup.com