Why does property have to be assessed?
Ohio law mandates a visual appraisal of each parcel of property once every six years to ensure fair and equitable values. The current revaluation complies with the requirements of ORC §5713.01. The appraised valuation of a property is used for taxing purposes. Our property tax system is the basis for sharing the costs of government services such as public schools, police and fire protection, lighting, water and sewage. Other services funded by property taxes include human services, libraries, senior and elderly services, street improvements, roads and bridges, Sinclair Community College and the Career Technology Center. The amount of tax responsibility for each property is in proportion to that property’s value.
What is a revaluation project?
Revaluation is a systematic review of all real estate within Montgomery County for the purpose of setting fair market values as of a specific point in time. During a revaluation, every neighborhood is reviewed and adjustments are made to county records to be sure that all property is assessed at a fair and equitable market value. To determine the value of a property, current property data is verified, sales throughout the county are researched, properties of similar types are compared, current construction costs are examined and rental income is researched.
Who is conducting the reappraisal project?
Dayton-based Tyler Technologies, Inc. has been hired to assist in conducting the revaluation project. Tyler Technology, Inc. is a highly respected company conducting mass appraisals since 1938 and with expertise in large county projects. Tyler Technologies’ trained professionals are identified by id badges which must be visible at all times, and by vehicles marked with the Auditor’s logo. All vehicles have been safety inspected and are registered with your local police department.
Why do they take pictures of properties?
Image collection helps the appraiser determine fair and equitable property values and helps verify that information on the property record is correct. Digital photographs are also useful for emergency management recovery reports and for providing “before” photos to property owners in case of losses
Image collection is scheduled for late summer through fall. All image collection is taken from the public right-of-way whenever possible. Project members may access driveways or private lanes only when necessary to obtain an unobstructed image from the van. At no time should a project member ask to enter your home.
How can I review my property information?
Visit www.mcrealestate.org to search for your property. If there is a discrepancy in your property information, or if you have questions, contact the Auditor’s Office at 937-225-4326
How can my value change when I haven't done anything to my property?
General economic conditions such as interest rates, inflation rates, supply and demand, and changes in tax laws, will influence the value of real estate. As property values change in the market place, those changes must be reflected on the final values.
What will happen to my valuation if I improve my property?
Generally speaking, improvements that increase the market value of a property will increase the appraised value. The following are typical items that will increase the value of your property:
- Room additions
- New decks
- New outbuildings, such as garages
- Primarily improvements requiring a building permit
Conversely, if a property has been damaged or destroyed the market value is likely to decrease.
Why did I receive a letter with the value of my home in 2011?
In addition to a reappraisal every six years, Ohio law also mandates a triennial update based on sales of real estate that have taken place in Montgomery County. The triennial update is done without on-site property visits. Letters were mailed to property owners in 2011 notifying them of the value update for 2011 through 2013.
How will I know if my valuation is correct?
You should first try to decide for yourself what your property is worth. Look at area sales in your neighborhood and compare values of similar homes in your neighborhood. Our website at www.mcrealestate.org is an excellent source of information.
What should I do if I don't agree with the final valuation of my property?
Ohio law offers property owners the opportunity to appeal their property valuations. Appeal forms may be found on our website, www.mcrealestate.org under the “Value Dispute” tab or you may call us at 937-496-6856.
The Board of Revision, a quasi-judicial body with a representative from the County Commissioners, the Treasurer and the Auditor will review all complaints filed.
When will I know what my new valuation is?
Tentative revaluation notices will be mailed mid- year 2014 with final values mailed at the end of the year. Taxes based on the new values will not be due until 2015.
Whom do I contact for additional information?
For additional information, contact the Montgomery County Auditor’s Office online atwww.mcrealestate.org or call us at 937-225-4326.
Fair Market Value – Fair market value is defined as the most probable price a willing buyer would pay and a willing seller would accept for a piece of property in an open market, not affected by undue circumstances, such as foreclosure, sheriff sale, short sale or HUD sale.
Assessed Value - Assessed value is the figure used to calculate the real estate tax bill. Assessed value is a percentage of the fair market value. In Ohio, assessed value equals 35% of the fair market value. For example, a home valued at $100,000 would be assessed at $35,000.
Millage - Literally, a mill means one thousandth. For tax purposes: each mill generates $1 of taxes for every $1,000 of assessed value.
2½% Reduction - The 2½% reduction is available to all owner-occupied residential properties in Ohio. Rental properties are not eligible for the reduction.
Homestead Exemption - The Homestead Exemption provides a tax credit to homeowners who meet at least one of the following criteria: 1) 65 years of age or older; 2) permanently and totally disabled 3) surviving spouse (at least 59 years old on the date of the decedent’s death) of a person receiving the homestead reduction in the year of his/her death. Applicants must own and occupy their home as their primary residence. Applications are available from the first Monday in January through the first Monday in June.
CAUV - CAUV or Current Agricultural Use Value is an application program providing property tax reductions on farmlands of ten acres or more devoted exclusively to agricultural use or for timberlands. The program is available for tracts of land that are less than ten acres, if the average yearly gross farm income for the past three years is at least $2,500 from agricultural products. Under the CAUV program, farmland is valued based on soil types rather than the "best and highest use".
Special Assessments – Special charges may be imposed on a property by various taxing authorities for services such as street lighting, curb and sidewalk improvements, waste collection and preservation of the aquifer, dams and waterways.
APC – Annual property charge for county waste transfer stations.
MCD/APS – Miami Conservancy District Aquifer Preservation Subdivision for aquifer preservation.
MCD/DSIF – Miami Conservancy District Dam Safety Initiative Fund for maintenance and upkeep of area dams and waterways.