Every County Auditor is required by Ohio Law to value all properties in their respective County, at fair market value, twice during a six year cycle. The cycle begins with a reappraisal and revaluation of all properties. Three years later a triennial valuation of properties is performed; then the cycle begins again with a reappraisal 3 years later.
The reappraisal and revaluation of all real property in Hamilton County last occurred in 2017 and will occur next in 2023. The reappraisal, which establishes a current fair market value, includes a physical viewing of the property to verify characteristics (type of construction, number of stories, decks, porches, etc.). A new street level image of the property is also taken as part of this process and posted on the Auditor's web site. Changes in value occur over time for many different reasons, including economic conditions, improvements to the property, or demolition of a building. This State mandated reappraisal and revaluation equalizes imbalances in changing property values.
Three years after a County's reappraisal and revaluation, the State instructs each County to update the reappraisal values. This process is referred to as the triennial. Hamilton County will perform the next triennial update in 2020. Statistical analyses of sales occurring since the reappraisal and revaluation are considered when trending values for a triennial, which does not require physical inspection.
Both a reappraisal and triennial set the fair market value of properties. The new values are only one part of the taxing process. Taxes are based on the levies (millage) passed by the taxpayer multiplied by the assessed value (35% of the fair market value). Then local tax rates are applied to calculate each tax bill. The taxes are also adjusted when State-mandated reductions, sometimes called rollbacks, are applied.
During the reappraisal phase of the 6 year cycle, the Hamilton County Auditor conducts an informal review process allowing property owners the opportunity to communicate concerns they have about their new tentative reappraisal value.
After all informal reviews are complete and final values have been set and sent to the State for approval, final value letters are sent to all owners of property that have contacted us and to those whose values have been changed from tentative to final. Property owners who do not communicate their concerns before the deadline or who disagree with the result of an informal review still have the right to file a formal complaint with the Hamilton County Board of Revision. They also may appeal Board of Revision decisions to the State Board of Tax Appeals or the Common Pleas Court.
Final value letters are sent during a triennial update, also, but there is no informal review process. If a property owner disagrees with a new triennial value, a formal complaint may be filed with the Hamilton County Board of Revision.