It is that time of year again when we tend to reflect back on the previous year and begin to make resolutions for the year to come.  It is also important at this time to take a close look at your home’s market valuation according to your County Auditor.   Real Estate values have been correcting in many areas of Greater Cincinnati, and it is very important to make sure that your taxes are not based on a value higher than the actual market value of the home.

The deadline to file a complaint in all Ohio Counties will be March 31, 2010.  It is very important to note when filing a complaint in the coming year, you will be challenging your properties value as of the “Tax Lien Date” which is actually January 1, 2009.  Comparable sales to your property that closed six month before or six months after are considered to be the best evidence to present to the Board of Revisions.  On the other hand, the Auditor’s valuation of your neighbor’s home is of no use as evidence in a board of revisions hearing.  Just remember, you are challenging the Auditor’s valuation of your property on January 1, 2009 and must present strong, market driven evidence to make your case.

As is the case with most things in life, there is potential risk involved with filing a complaint to the Board of Revisions.  Although the County charges no fee to file a complaint, home owners are stuck with the decision handed down by the Board of Revisions through the end of the current triennial period.  In a recent session that I attended with Hamilton County Auditor, Dusty Rhodes, he told the assembly that in more than 10% of complaints, a properties tax valuation can be found by the Board to be too low.  This would result in a property tax increase!  It is extremely important to access market data and study it closely before you consider filing a complaint.   Our office is always glad to assist area homeowners with any questions or concerns.

Be informed:  Get comparable sales with one click by going to: www.PriceMyCincinnatiHome.com