Lowering your Property Taxes!!

PROPERTY TAXES
Lowering Your Property Taxes!!


Did you know: every 3 years in Ohio the county auditor revalues all real estate parcels. That was done last in late 2005. Many parcels were valued based on the previous (historical) real estate market. Some are now OVER VALUED for tax purposes. You have until March 31, 2007 to file a complaint to lower the tax appraised value and thus lower your property taxes.

If you are 65 years or older, you may qualify for the “homestead exemption” which lowers your property taxes. There are income limits to qualify.

When buying or selling real estate, the valuation can be challenged when the sale price differs from the tax appraised value. In most cases, the schools will challenge the valuation as being too low. When a new valuation is applied, the challenging school has the right to ask for payment based on the increase amount RETROACTIVELY for the prior year. In other words, the buyer could be asked to reimburse the county/school for the increased property tax amount for the year prior to acquiring the property. In Central Ohio this has not been pursued for single family residence property, but is normally done on all other property. Buyers / sellers may need to have a provision to adjust the tax pro ration for this possibility, which occurs after the closing.

If you have questions on property taxes or related real estate issues, call or email me.

Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119