NEWARK – Licking County property owners with questions about the valuation of their property after the recent state mandated re-appraisal can discuss them with staff members from County Auditor Michael Smith’s office from 5:30 to 7:30 p.m. on Thursday, Sept. 7, at the Buckeye Lake Village offices on Ohio 79. Doors open at 5 p.m. and appointments are not needed.
Any Licking County property owner is welcome to attend this session. Property owners will meet individually with staff members. It is helpful to bring your most recent tax bill or the more recent re-appraisal valuation letter.
Here’s a headstart for Thursday night. Participants will get a copy of “Welcome to the 2017 Informal Property Record Review.” It is reprinted below:
For the 2017, State mandated, re-appraisal, the Licking County Auditor’s office performed appraisals on over 85,000 parcels for property tax assessment purposes. These appraisals were done according to industry “mass appraisal” standards. This process allowed us to analyze properties grouped by similar market influences and characteristics rather than by performing individual appraisals on each parcel. Due to the large number of properties that needed to be valued, an individual appraisal of each parcel is not financially or logistically feasible. In addition, this method of appraisal provides more uniformity in taxation for taxpayers. Because of greater standardization in the valuation process, together with improved consistency in the work of appraisers, similar homes in similar neighborhoods should receive similar market adjustments. The benefit to taxpayers is the knowledge that they are being treated the same as other property owners.
What is “Mass Appraisal”?: In simple terms, mass appraisal is a mathematical formula created to represent and compare property characteristics that contribute to value for a group of properties. These may include items such as square footage, quality of construction, lot size, or desirability. These characteristics become “variables” when placed in the mathematical model. Variables in the model correspond to property characteristics and allow for comparisons a nd adjustments when there are differences between properties. Through the calculation process, the model accounts for variations between properties included in the mass appraisal of a group of properties.
What to Expect: Auditor Smith and his staff will review your property records with you to ensure accurate data has been recorded for your property. The data, and any additional information we may gain concerning your property, will be reviewed by staff appraisers at a later date. Upon review, you will be notified, by mail, of the final value determination. It is important to note that an increase in property value does not result in an equivalent increase in property taxes. Most tax rates are reduced in response to increases in valuation. Preliminary estimates reveal a 1% increase in property taxes for every 6% increase in valuation. These numbers are different among every tax district in Licking County, but this is a standard ratio that can be applied to your new value. This ratio does not capture new levies taking effect in the 2017 tax year and beyond.
If, after receiving the 2017 value notice, you still feel the new 2017 value is incorrect, you are invited to file a formal appeal with the Licking County Board of Revision between January 2, 2018 – March 31, 2018. The Auditor’s office can assist you with this process, if necessary.