Franklin County residents may soon see a substantial rise in their property value estimates. This increase is due to the state’s mandatory property reappraisal process. The implications are notable here, as this increase is directly affecting property taxes across Franklin County. This article will explore the reasons behind this sharp increase in taxes and cover its potential impact on your property tax obligations.
The Franklin County Auditor’s Office recently released new proposed values for every property in the county, with an average increase of 41%. This increase is particularly noteworthy because it follows the 2020 mid-cycle reassessment’s 20% value increase. This led to a Franklin county property tax increase of about 7.8%.
In some school districts, the value increase is even higher, ranging from a modest 17% in Grandview Heights to a staggering 70% in Hamilton Local School District. Other districts like Columbus City Schools and Whitehall experienced increases of 48% and 68%, respectively.
What It Means for Homeowners in Franklin County
It’s crucial to remember that a rise in property value does not necessarily equate to an identical increase in property taxes. Rather, property taxes are calculated by multiplying the taxable value of a home (35% of the assessed value set by the county auditor) by the effective tax rate set by the home’s district. The primary variable in this equation is the district’s tax rate, which varies across central Ohio based on ballot box issues like school levies.
Even though property values have surged, the impact on Franklin County residents’ property taxes will not be proportional. For instance, when property values increased by 20% in 2020, the average tax increase was about 7.8%.
Homeowners who believe their new property value is incorrect do have the option to contest it. They can schedule a “Property Value Review” where they can meet with appraisers and explain their opinion of their property’s value. The auditor’s office encourages homeowners who feel the value is inaccurate to share information as to why a value reassessment may be appropriate.
This substantial increase in Franklin County property values is largely due to the region’s economic growth, population influx, and housing demand. However, these new values are not yet final. They will be reviewed and finalized in December. Any tax issues approved in the November elections could further impact your next tax bill.
This recent surge in property values underlines the importance of staying informed about changes in the local real estate market. Despite the complexities of Ohio’s property tax calculations, homeowners can use the Franklin County Auditor’s website to get a clearer understanding of how the proposed changes could affect their tax bill. It’s worth noting that while the value of your home impacts your property tax amount, it also influences the potential selling price, providing opportunities for homeowners considering participating in the real estate market.
Closing
While the increase in Franklin County’s property values is a sign of the area’s economic vitality and growing housing demand, it’s crucial for property owners to understand the implications for their personal property taxes. The proposed property values and tax rates in your district are factors to monitor. Remember, your home’s value not only influences your tax obligations, but can also enhance its potential selling price on the real estate market. To keep up with changes to the local real estate market, you can always refer to our Columbus, Ohio Real Estate Insights page.
Note: This blog post is based on the current data as of September 2023. Tax changes are subject to change based on new information or updates.
