Franklin County home values are set to rise a record 41% in this year's reappraisal, led by a 68% leap in Whitehall.
"The raw number is eye-opening," said Franklin County Auditor Michael Stinziano, whose office conducted the reappraisal and who"Knowing what the market has looked like, it’s very consistent. We continue this perfect storm of population booming, and housing that hasn’t kept up with demand, creating pressure on prices."
County auditors are required to reappraise property every three years and conduct a full property-by-property reappraisal every six years, including this year. This reappraisal covers three boom years in the central Ohio housing market, fueled by COVID work-from-home demands, a rise in disposable income, and historically low interest rates.Stinziano emphasized that because of legal caps on property tax increases, a 40% rise in property values won't mean a 40% rise in property taxes.
Taxes will, however, rise. In the last reappraisal, average taxes rose 6% based on the 20% increase in values. "When you look at your property, look at recent sales, valuations within your neighborhood, to see how your property stacks up," Stinziano said."Homeowners can also provide photos. We don’t go inside the home so there might be conditions we aren’t aware of."explains property taxes and how to challenge values, including how to find sales in the same neighborhood. The auditor's office is also holding in-person meetings on property values.
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