Tentative property values approved by the state

MOUNT VERNON — Knox County Auditor Sarah Thorne announces that tentative property values for the 2023 Triennial Update have been approved by the State Department of Taxation, Tax Equalization Division, and are now available for review.

Ohio law requires that the auditor review and update the values of every parcel in the county at least once every six years. This is referred to as a reappraisal. Ohio law also requires, at the mid-point (3rd year) of the six-year cycle, that the auditor conduct an analysis of sales of similar properties that occurred in the county.

This mid-point analysis is a triennial update. Knox County is undergoing a triennial update for the tax year 2023. Taxes are payable on those values in 2024.

@media ( min-width: 300px ){.newspack_global_ad.scaip-1{min-height: 100px;}} A seller’s market

Leveraging expert tools and analysis, Thorne can get a clear picture of the impact the housing market is having on current home values. The analysis of all valid real estate sales is the lynchpin to the process and a large contributing factor to the overall value placed on each property.

The Ohio Revised Code, Ohio Administrative Code, and mandates from the state tax commissioner provide direction for this process. For valuation purposes, the state recommends a target increase that is reflective of the valid real estate sales that took place in the county over the last three years.

Valid home sales drive market value. With the lower interest rates from a few years ago and limited inventory due to people not wanting to leave these low rates, another wave of high sales prices has hit.

This boom has fueled a “seller’s” market, resulting in many homes being purchased for more than their established market value. The old saying “a rising tide lifts all boats”

The original article can be found here