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| 2009 County-Wide Reappraisal |
Coshocton County's revaluation is currently underway and will appear on 2009 tax bill, payable in 2010. Appraisal Research Corporation has been contracted for this project. If the taxpayer is not at home when the appraisers review their property, a door hanger with contact information will be left. If they have any questions or want to talk to the appraisers, then they may call 740-622-1496. Once preliminary values are set, taxpayers will have an opportunity to have an informal hearing. This will be prior to billings and will be advertised using local media. At the informal hearing, taxpayers will meet with the appraisers to view their records, verify facts and discuss values. If appropriate, the appraisers will re-inspect selected properties. Once the informal hearing have closed, taxpayers will still have an avenue for appeal through the Board of Revision.
Revaluation or reappraisal is an update of all real property assessments in the county. It involves the physical visitation to each parcel of real property located with the county and gathering of data so that an estimate of market value can be made. This program is often carried out by a professional reappraisal company that the County Auditor oversees. The revaluation's goal is equalizing property values and adjusting property values to meet current market conditions. This process normally takes 24 to 36 months to complete.
Market value, or true value, is defined in the Ohio Administrative Code 5703-25-05 (A) (1) as:
The fair market value or current market value of property.... is the price at which property should change hands on the open market between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having a knowledge of all the relevant facts.
Revaluation Sales Analysis
After the County Auditor has been ordered by the Ohio Tax Commissioner (through the Division of Tax Equalization) to perform a Revaluation, she performs several kinds of statistical analysis of property values in the county.
The first step in the process is analyzing the arms-length sales that have taken place in the county during the last three years. This sales analysis illustrates the average percentage by which values in the county have increased or decreased during that period.
Once the original sales analysis is complete, the County Auditor then runs statistical reports for the various neighborhoods throughout the county. The results indicate the neighborhoods in which values are increasing or decreasing at either a faster or slower rate than is average for the county.
After analyzing these reports, the Auditor determines the neighborhoods which need property values increased or decreased so the county, as a whole, will meet the Division of Tax Equalization's (DTE) valuation requirements.
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