LWVMC Voter Education Initiative

LWVMC VOTER EDUCATION INITIATIVE 5

LWVMCVoter Education Initiative

LWVMCVoter Education Initiative

Theprocess that occurs before there can be a real property increase areall subject to the determination of the auditor of each county. Theprocess includes (Ohio Laws and Rules, 2015).:

  1. Before real property is subjected to any tax increases, it shall be revalued or equalized to validate or invalidate a tax increase. The determination of the taxable value of the real property is executed in accordance with the provisions of the revised tax code. Recently, the state of Ohio adopted a revised set of rules and regulations that were promulgated by the tax commissioner. The rules and regulations prescribe the manner in which the auditor shall appraise the true value of real property, including all land devoted to agricultural use.

  2. All of the structures in the property under consideration undergoes inspection by the auditor to ascertain the improvements for re-evaluation

  3. The auditor revalues and assesses all the sections of the real property ( this includes all the structure on it) to determine the true values that could be subjected to property tax and if there is need to create conversation easement as provided by the revised code.

  4. The valuation and assessment process leads to an increase or decrease in the total value of the real property in any jurisdiction within the county. For this case, a decrease will also attract a decrease while an increase attracts an upward revision of the tax deductible.

  5. In some cases the commissioner may order an increase in the total true value or taxable value of the real property. In other cases, the taxable value of the property may increase as a result of the application of a uniform value in percentage for all property within a particular class. In both of cases, the auditor is authorized to advertise the finalization of the valuation or equalization process in the print newspapers to inform the general public. The advertisement shall appear on the local dailies once every week for a consecutive period of three weeks preceding the disbursement of tax bills or as prescribed by the revised code.

  6. All real property owners whose property value will have changed after the revaluation or equalization process usually receive official communication from the auditor by mail or in person. The communication happens thirty days before tax bills are disbursed to the owners.It is noteworthy that a failure of official notification shall not affect the disbursement of tax bills bearing new tax amounts on all revalued real property.

  7. The auditor prepares a list of all the re-valued property and forwards it to the treasurer for a duplicate copy

  8. The list of real property subject to tax increases is handed over to the commissioner awaiting peals for extension. It is the commissioner that determines the viability for an extension of up to one year or less for a property as long as there is a good cause to warrant the extension.

Alltax in Franklin County is a subject of budgetary requests through apopular vote. Furthermore, property owners need to understand thatthe computation process is prescribed by the Division of TaxEqualization of the Ohio Department of Taxation. The tax bill isobtained by multiplying the tax rate by the new value of realproperty after revaluation or equalization (Leonard,2015).

References

Leonard, E. (2015). Real Estate Taxes. Available athttps://treasurer.franklincountyohio.gov/about-taxes/real-estate-taxes

Ohio Laws and Rules (2015). Chapter 5713: Assessing Real Estate.Available at http://codes.ohio.gov/orc/5713