2023 Triennial Review

Why does the Auditor update my value? Ohio mandates the auditor to complete a reappraisal of every property in the county every six years and a triennial update every three years following the reappraisal. Basing values on sales that have occurred for similar type properties in the same neighborhood the auditor can ensure the property valuations related to the current market and helps ensure that similar properties are valued in a similar manner. What is the difference between a reappraisal and a triennial update? A reappraisal involves a visual inspection of the property. This includes assessing the condition of the property relative to other properties in the neighborhood and gathering data regarding changes that may have occurred since the last reappraisal. The information is input into a computer model which determines the value for the property based on the property characteristics that were entered. The results of this computer generated value are then measured against actual sales that occurred in the market. A Triennial Update is a review of valid sales over the period of three years, since the last reappraisal. The sales data is looked at for trends in the market and values are equalized based on sales factors specific to each neighborhood area. Therefore, changes in value will vary between neighborhood areas. Neighborhood areas for valuing purposes are defined by like housing type, age, and size. A neighborhood area can be larger or smaller than what you may think of as your neighborhood. How do sales in my neighborhood impact my value? There is a direct correlation to your value and the sales of similar properties in your neighborhood. As stated earlier taxes are based on the theory of equalization. We do not chase individual sales, but instead value properties based on the overall market for the neighborhood. For example if three identical properties sold for $90,000; $100,000; and $110,000, we would arrive at a value of $100,000 for each property. Equal properties have an equal value regardless of the sales price. How does the county determine the value for a property? We appraise properties utilizing mass appraisal methods using a hired contractor that specializes in mass appraisals. The contractor will complete a reappraisal of all properties in Greene County by gathering data on every property in Greene County and building tables that will determine the value. The accuracy of these tables is tested by looking at sales that actually occur to determine if the tables need to be adjusted. What information is considered in arriving at my value? Location! Location! Location! You've heard the saying and it is true that the location of a property is the most significant characteristic of real property which drives its market value. We also consider the size and topography of the land; age of the structure; the style of the home, one-story, two-story, bi-level, split-level; the number of square feet of finished living space; the quality of construction; number of rooms, bedrooms and baths; car storage; basement size and finish; fireplaces; air conditioning; other exterior features or structures as well as the overall condition of the improvements.