How is Real Property Appraised & Assessed in Ohio?
Ohio's real estate market has changed significantly over the last few years. With increases in property values there can be confusion about corresponding property taxes. It is important to note that increases in property values do NOT mean that the corresponding property taxes will increase proportionally.
In 1976, the General Assembly, through House Bill 920, created a process for assessing real property values and corresponding property tax rates. Whether property values increase or decrease in a neighborhood, tax rates are adjusted to prevent significant changes in the taxes owed.
This video will help explain this process and give taxpayers a better understanding of how real property is appraised and assessed in Ohio. For further details, please visit the Ohio Department of Taxation website at https://tax.ohio.gov.
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