Realtor Tips: Real Estate Tax Increase

Lots of questions are coming in about the recent real estate tax increase notice you’ve received in the mail. Ohio mandates that your property value get revaluated every 6 years and updated on the 3rd year in between. Tax values actually went down after the Great Recession and no one complained. But since then, home values have headed up and consequently tax values with them and people naturally grumble.  

For 2024 you’ll see a sharp increase since we’ve had a string of years of steady appreciation in Dayton Ohio real estate. 41 Ohio counties have experienced a 29% average property tax evaluation hike! But it’s not as bad as it sounds, that does not mean the amount you pay is going up 29%. Your property value may have gone up 29% but not the taxes you’ll pay as they are fractional. I know of a home that had a 45% tax value increase that translated into a 9% tax payment increase. Substantial, for sure but this helps put it in perspective.  

You can challenge your tax value if you think it’s overly inflated but don’t delay, you have to do it between Jan 1, 2024 and only have until March 1, 2024. The best evidence of value is a recent sale but if the home has not been sold an appraisal by a certified appraiser is beneficial. This may cost you around $500.00 but if it gets your taxes reduced by more than that then it is worth it. 

Feel free to reach out to your friendly neighborhood realtor with any questions surrounding this or other home ownership needs today!