Cuyahoga County's new appraisals are leaving clients concerned about rising property taxes due to the new values. When clients call you to ask whether or not they should contest the evaluation, there are a few things you should know.
How was the appraisal assessed? Under Ohio Law, the County Fiscal Officer is responsible for the valuation of all real estate and there are two cycles that complete this task. In 2018 homes in Cuyahoga County were re-appraised with property personally viewed. 2021 appraisals are part of a triennial update and do not require a physical viewing of the property. Instead, new values start with the 2018 numbers. Then, valid arms-length sales are analyzed to determine the ratio between the sale amount and the certified value. Once determined, this "factor" is applied to all residential parcels for each distinct municipality (or market area).
How does the Assessed Value differ from Market Value? Assessed Value on real estate is set at 35% of market value by the State of Ohio. Assessed Value is the value of taxable property to which the tax rate is applied to compute the amount of property taxes.
How can my client estimate what their new tax rate will be? Cuyahoga County's website includes a property tax estimator that calculates the new tax estimate based on their updated values. You can direct your clients to the county's Property Tax Estimator at https://fiscalofficer.cuyahogacounty.us/en-US/property-tax-calculator.aspx, but you may want to make them aware that this is just a rough estimate. Their actual property tax bill due in 2022 may also include items such as special assessments, delinquency charges, newly implemented tax levies or other miscellaneous fees.
If my client wants to contest the valuation, how is that done? We suggest you direct your clients to the appeal form on the Cuyahoga County Board of Revision website at https://bor.cuyahogacounty.us/en-US/Complaint-Form.aspx.
Are board hearings available by Zoom? Yes. Find out more information here: https://bor.cuyahogacounty.us/
If my client has more questions, where can they get answers? For additional questions, speak with a Board of Revisions representative by calling 216.443.7195