Despite the COVID-19 outbreak, the Ohio Department of Taxation denied requests from Franklin County Auditor Michael Stinziano and other auditors in Franklin County to delay the Sexennial Reappraisal. This reappraisal takes place every six years, with an update on some properties every three years. However, many homeowners are unhappy with the decisions taken by the state. Read more below to learn what has happened so far.
What Happened in This Reappraising?
Since Stinziano’s request to delay the reappraising was denied, the Franklin County Auditor’s Office (FCAO) is moving ahead with the triennial update of property values. But what happened and why are so many people upset with these decisions?
Here are some of the decisions from this update according to Stinziano’s presentation:
Most property owners that learned about this increase are unhappy because of the resulting taxes. In response, Stinziano explained how an increase in property value doesn’t inherently call for expediting property taxes. He continued to explain how these depend on the tax rate in each community based on the number of levies and bond issues approved by the voters.
What Are ‘Know Your Home Value’ Initiatives?
Michael Stinziano found that a lot of negative feedback comes from the fact that property owners are not appropriately educated. Following the announcement of ‘Know Your Home Value,’ Stinziano explained his reasoning behind this initiative.
This campaign launches alongside the FCAO’s Triennial update that tells property values across 435,000-plus parcels in Franklin County. Stinziano said that he wants to ensure every property feels like they will have a voice in establishing their property values.
Furthermore, to make sure every owner plays their role and is heard, the ‘Know Your Home Value’ initiatives will educate everyone on how they can participate in the Triennial update process.
That’s where the Auditor’s office steps in! To help property owners, the office launched a new website called your2020homevalue.org. This user-friendly website includes an educational video, Triennial information, and allows you to schedule a virtual and in-person Informal Value Review meeting.
How Will the Triennial Update Work?
Franklin County set a goal to mail every property owner by late August. Here’s their fully prepared timeline:
How Can Unhappy Owners Discuss Their Problems?
For homeowners who agree with the updated value of their property, there’s nothing to worry about. However, for homeowners that disagree with their new set property value, it’s time to participate in an Informal Value Review.
Here, they can get a virtual meeting arranged that helps them participate in the ‘Know Your House Value’ campaign and discuss the property value with an appraiser. With the help of these one-on-one appointments, property owners voice their concerns. In addition, Stinziano encouraged property owners to submit online documentation prior to the online meeting to share exactly why they think the value should be the amount they suggested.
After these meetings, the updated property valuations will be mailed by the end of the year in December. In case property owners are still not satisfied with the results, they may file a complaint with the Franklin County Board of Revision, which pays close attention to challenges to property values. If not, one can pursue the Full Board of Revision review that comes early in 2021.
Are These Meetings Worth It?
Property owners may be wondering, “is investing my time in this ‘Know Your House Value’ even worth it?” Here’s what Stinziano says about the program.
Michael Stinziano chases away all doubts that property owners with differences have. He revealed that during the last Triennial update, up to 72% of property owners that disagreed with the increase in their property were successful in negotiating a new value.
Furthermore, Stinziano added that out of the 435,000 parcels in the county passed on that year, about 19,000 were reviewed during the informational process. Meaning this was before the involvement of the Board of Revision. Nearly 14,000 received the decrease they desired, while 4,843 remained the same. Lastly, 356 understood the increase and ended up agreeing with it.
He added that during all the previous Triennial updates, the auditor’s office was set up on a number of scheduled days with open times to allow interested homeowners to drop by and discuss their problems. However, with the coronavirus, there will be virtual scheduled appointments; this means every property owner receives better one-on-one attention.
The recent update could mean a heavy influx in refinancing requests from homeowners. But is your lending institute and Appraisal Management Company ready to handle the increase in appraisals? If you are interested in becoming a lender client or would like to learn more about our appraisal management services, contact us today at info@AmeriMacAMC.com or 1-866-395-3773.