Mahoning county Real estate reappraisal

Mahoning county Real estate reappraisal

Because market values change as properties are bought and sold, Ohio law requires that every home be reappraised every six years. Here are the steps in the real estate valuation process in the reappraisal:

Collection: Appraisers visit each home in the county over a two-year period to update property characteristics such as building size, age, type, quality, condition and room counts.

Analysis: The county auditor’s office establishes neighborhood boundaries and looks at historic trends and recent sales of comparable properties within these boundaries to determine the estimated fair-market value of properties.

Setting: The estimated fair-market value is used as the gauge when valuing property. Fair-market value is defined as the most likely price each property would be estimated to sell for in an open market between a willing buyer and a willing seller, neither being under pressure to buy or sell, and all parties having full knowledge of relevant facts about the property.

Feedback: When the county announces completion of valuations, all records are made available for public inspection. Homeowners with questions or concerns about their valuations can meet with a county representative to discuss their valuations. Homeowners are asked to submit documentation for any requested change.

Review: When the feedback period ends, valuations are sent to the state for review and validation to ensure that valuations are fair and correct and accurately follow trends in the county. The state has the authority to ask that each county modify its valuations, if necessary.

Finalization: When the county auditor announces the completion of valuations, all records are made available for public inspection.

Source: Mahoning County Auditor Michael V. Sciortino