Deadline to Contest Cuyahoga County 2024 Property Tax Valuations is Approaching
The County Fiscal Officer is responsible under Ohio law for the valuation of all real estate within their respective county. Property revaluations occur in two cycles, the sexennial reappraisal (conducted every six years) and the triennial update (performed every three years between reappraisals). The key difference between these two reevaluation cycles is the scope and methodology. Although both use an analysis of recent comparable sales to determine property values on a parcel-by-parcel basis, the sexennial reappraisal requires all properties to be personally viewed.
Cuyahoga County’s 2024 sexennial reappraisals were released a few months ago and Proposed Value Notices were sent to property owners. It is being reported that property values increased by an average of 32% countywide. Proposed Value Notices provide a “Market Value” and an “Assessed Value.”
- “Market Value” is defined as the price your property would likely sell for in an open and competitive market between a willing buyer and seller.
- “Assessed Value” is set by the State of Ohio at 35% of market value. Assessed Value is the value of taxable property to which the tax rate is applied to compute property taxes.
Property owners are entitled to challenge their property tax valuations through the formal appeal process with the Cuyahoga County Board of Revisions. Tax Evaluation Complaints for the 2024 sexennial reappraisals will only be accepted between January 1, 2025 and March 31, 2025.
To successfully challenge an increased property valuation, owners must provide evidence showing the reevaluation is incorrect. This could include a recent sale below the appraised value or proof of damage or destruction that impacts the property’s value. Otherwise, obtaining a professional appraisal of the property may be necessary to successfully challenge the reevaluation. Additional information can be found on the county’s website.
Mansour Gavin’s Real Estate attorneys are ready to assist with all your real estate needs. If you have any questions or need further clarification on this or other real estate matters, don’t hesitate to contact us.