Valuable Tax Information from Chicago Title
The valuable information below is reposted with the permission of Marie DeMio of Chicago Title.
Along with this, also remember that most homeowners are 6
months in arrears on their real estate taxes.Please contact me and I
will be happy to explain it further. Be sure to visit my website for more information on real estate in your area.
I
have had many calls recently regarding tax appraisals and how to
contact your county auditors, so I thought I would forward this
information and the link to the site where it is provided. And be sure to remind your customers that a county tax appraisal is not a market value appraisal.
I have also included the contact information for surrounding counties in which you may market.
Please continue to call if you and/or your customers have questions regarding their tax bills, tax prorations or escrows.
I am here for you and your customers 24/7!! Enjoy your weekend and this Great Sunshine!
How do I provide feedback to my county auditor?
Some homeowners may wonder when it is appropriate to provide feedback about their valuation. Some of the questions to consider are:
· Do you feel an error has been made in your appraisal?
· Do you feel that the appraised value of the property is more than what the property would sell for?
· Do you feel the appraisal missed something when your home was reviewed that might lower the valuation?
Homeowners
that have questions or concerns about their valuation have the
opportunity to provide feedback to a county representative to discuss
their valuation and request that changes be made.
Property
owners can appeal informally or formally. The informal hearings allow
homeowners to meet with the appraiser and correct any mistakes or raise
any questions. This informal process saves you time and money by not
going to court. Property owners also have a formal appeal route that
can serve their needs as well. Either avenue leads to fair play for
property owners.
http://www.yourhomeyourvalue.org/giving_feedback/index.asp
Understanding The Valuation Process
It’s
been said that “understanding is half the battle”—and when it comes to
understanding the home valuation process, our goal is to make it simple
and straightforward so you, the homeowner, can be both well informed
and well educated.
Because market values
change over time as properties are bought and sold, Ohio law requires
that each home in the state go through a reappraisal process every six
years (a sexennial). In addition, every three years (triennial), the
appraisal is updated. The illustrations below will guide you through
understanding the six major steps of the valuation process. While these
steps may vary slightly from county to county, these are generally
reflective of the steps that all counties follow.
1. Collection
With
reappraisals that happen every six years, state registered appraisal
firms’ employees physically visit each home in the county to update
property characteristics over approximately a two-year period. These
field appraisers attempt to make contact with the property owner to
discuss the property characteristics, such as land size/type, building
size, age, type, quality, condition, room counts and other relevant
data.
2. Analysis
The
county auditor’s office takes great care to ensure that property
information is correct and that each property is assessed in a fair and
uniform manner.
The
office works to establish neighborhood boundaries then looks at
historic trends and actual sales over the last three years within these
boundaries to determine the estimated fair market value of properties.
3. Setting
The estimated fair market value is used as the gauge when valuing property and setting the appraisal.
Fair market value
is defined as the most probable price each property would be estimated
to sell for in an open market between a willing buyer and a willing
seller, neither being under any pressure to buy or sell, and all
parties having full knowledge of all relevant facts about the property.
4. Feedback
When
the county announces the completion of property valuations, notices are
sent to homeowners and all records are made available for public
inspection.
Homeowners
that have questions or concerns about their valuation have the
opportunity to arrange a face-to-face meeting with a county
representative to discuss their valuation. Homeowners are requested to
submit documentation for any requested change.
5. Review
Once
the valuations go through the feedback process, they are sent to the
state for review and validation. This is yet another step in the
process to ensure that valuations are fair, correct and follow accurate
trends across each county.
The state has the authority to request that each county modify their valuations if deemed necessary.
6. Finalization
When the county auditor announces the completion of property valuations, all records are made available for public inspection.
Cuyahoga
Frank Russo
1219 Ontario St. , Rm. 300
Cleveland , Ohio 44113-1657
Telephone: 216-443-7010
Fax: 216-443-5090
E-mail: frankrusso@cuyahogacounty.us
Web Site: http://auditor.cuyahogacounty.us
Summit
John A. Donofrio
The Ohio Bldg., Suite 400
175 S. Main St .
Akron , Ohio 44308
Telephone: 330-643-2632
Fax: 330-643-2622
E-mail: jdonofrio@summitoh.net
Web Site: http://www.co.summit.oh.us/fiscaloffice
Stark
Kim Perez
Stark County Office Bldg.
110 Central Plaza South, Suite 220
Canton , Ohio 44702
Telephone: 330-451-7357
Fax: 330-451-7630
E-mail: KRPerez@co.stark.oh.us
Web Site: http://www.auditor.co.stark.oh.us
Lorain
Mark R. Stewart
226 Middle Ave. , 2nd Floor
Elyria , Ohio 44035-5640
Telephone: 440-329-5170
Fax: 440-329-5223
E-mail: auditor@loraincounty.com
Web Site: http://www.loraincounty.com/auditor
Portage
Janet Esposito
449 South Meridian Street
Ravenna , Ohio 44266-1217
Telephone: 330-297-3561 or 3565
Fax: 330-297-4560
E-mail: jesposito@portageco.com
Web Site: http://www.co.portage.oh.us
Lake
Edward H. Zupancic
105 Main Street
Painesville , Ohio 44077
Telephone: 440-350-2532
Fax: 440-350-2667
E-mail: ezupancic@lakecountyohio.org
Web Site: http://www.lake.iviewauditor.com/
Marie J DeMio, Account Executive
Chicago Title Insurance Company
10883 Pearl Road
Strongsville, OH 44136
Cell 216.924.1160
Office Phone 440.846.0919
FAX 440.846.0818