2022 Triennial Update Values open for review

August 17th, 2022 Posted by Uncategorized 0 comments on “2022 Triennial Update Values open for review”

Clark County Auditor John Federer announced today that the 2022 Triennial Update values have received the State of Ohio’s Department of Taxation’s approval.  Countywide residential properties have received an average increase of 27.53%.  Ohio law requires that each county in the state conducts a reappraisal every six years and in every third year following a reappraisal a “triennial update” of values by neighborhood is mandated to better equalize and reflect the current market conditions.  Clark County conducted a countywide reappraisal in 2019 and is required to update their values for the 2022 tax year.

Auditor Federer indicated that it is important to remember that property values are adjusted by neighborhood.  There was an exhaustive analysis of 400 plus neighborhoods to arrive at the current market values.  With standardized methods and statistical analysis, a property’s fair market value has been identified.  These values will vary among the various neighborhoods based on market sales.

We have experienced this real estate market as a seller’s market.  Auditor Federer stated “the trend of increasing purchase prices of homes has occurred over the prior three years and to date has not slowed.”  Sales data from 2019, 2020, and 2021 were used to complete the 2022 Triennial update.  Homes are selling quickly, frequently with multiple offers and often times at or above the list price. It is important to keep in mind there is no dollar for dollar correlation between the decrease/increase in appraised value and tax amount.  While property value is part of the formula for calculating property taxes, it is not the only variable.  An estimation of tax cannot be determined at this time due to not having 2022 tax rates available.

Beginning August 15, 2022 through September 16, 2022 property owners are encouraged to review their property values.  The new 2022 value is available on the auditor’s website at www.clarkcountyauditor.org, once at the website, click on the tab labeled 2022 Triennial value search.  A property search may be done by owner name, address, or parcel number.  Once the property is found and selected, the current market value and the new proposed market value will be shown.  Should you question your property value, you may schedule an informal hearing by setting up an appointment request at www.clarkcountyauditor.org once at the website please click one of the tab’s labeled Schedule Informal Hearing at which location you prefer.  Please bring documentation to your hearing to support your opinion of property value.

 

Should you have any questions, please contact the Auditor’s Office at (937)521-1878 or email staff at triupdate@clarkcountyohio.gov.

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