Ohio law required a value adjustment to be completed three years subsequent to the mass reappraisal of 2005. This triennial update was for tax year 2008, payable in 2009. The purpose of the triennial update was to determine the change in market value in each neighborhood of the county through analysis of real estate sales for the three (3) years prior to the year of the update. This update was primarily based on valid (arm’s length) sales from 2005 through October 13, 2008, with more weight given to the most recent sales. The main objective was to update the six (6) year mass reappraisal so that the values change gradually with a mid-cycle update.

Ohio law requires counties to revalue all real property every three (3) years and the next complete physical reappraisal will be completed in 2011, payable in 2012. The revaluation process uses information collected about each property, such as the size of the lot, the square feet of the living area, plumbing features, number of rooms, garages, amenities, etc. This information, sales data from the local real estate market, and income information supplied by property owners are all used to arrive at an estimate of the fair market value of each parcel. The market value is the price at which property should change hands on the open market between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a knowledge of all the relevant facts. The Auditor’s Office is responsible for setting the value of properties, not the assessment of taxes. As a result of the reappraisal, property owners’ taxes may go up, some may go down, and others will stay the same. The differences are caused by economic trends that vary from neighborhood to neighborhood and among different types of property. In Ohio, by law, assessed values are determined by taking 35% of the market value. The only changes to a property's value outside of the three year cycle would be due to:

• physical changes to the property (improvements such as the addition of a deck, porch, patio, swimming pool, central air conditioning or new construction);
• demolition of an existing structure or improvement (i.e., removal of deck, demolition of garage, etc.);
• a decision by the Hamilton County Board of Revision to change a value based on a complaint filed by the property owner or a school district
• a decision by the Board of Tax Appeals or the Court of Common Pleas to change a value based on a complaint filed by the property owner or a school district

The Real Estate Valuation Department is then responsible for valuing any property for which a building permit was issued or an appeal has been filed or any property involving a land split/boundary survey. The bulk of this work is handled by staff appraisers who inspect the property and then develop a value by accepted appraisal standards and methods.

New Construction: duties include

1. Review of permits received in the Real Estate Valuation Department
2. Review of parcel land splits and boundary surveys accepted by the Engineer’s Department
3. Inspection of the properties
4. Assessing value of new construction
5. Assessing value for new land configuration
6. Adding property’s new description to a permanent file

Board of Revision / Appraisal: duties include

1. Review of appeals filed with the Board of Revision
2. Inspection of the properties
3. Examining area sales and other necessary data
4. Formulating an analysis and written report of value
5. Presenting a report before the Board of Revision, where final value determination is made