Tax Foreclosed Properties to be Contained by Ohio Officials

The problem of tax foreclosed properties that may arise in Allen County after the reappraisal of properties throughout the county will be handled by county officials, based on statements from Rhonda Eddy, auditor of Allen County.

According to Eddy, the county needs to conduct reappraisals every six years to comply with state law. She added that updates are held every three years.

Recently, many homeowners have been asking county officials why their property assessments increased when property values are declining.

In response to the complaints, Eddy explained that county assessors are mandated by state law to use property values as of January 1, 2009 as the benchmark for property valuation. State law requires tax assessors to use property sales data for the 3 years prior to January 1 as basis for property valuation.

Eddy also added that state law expressly prohibits the use of certain real estate transactions from being considered in reappraisals, leading to seemingly unfair property valuations for some real estate owners.

Additionally, Eddy explained that she understands residents’ confusion about the increased assessments at a time when real estate values are down, but she reiterated that the assessors need to comply with the law. She also added that short sales, sales of tax foreclosed properties, sheriff sales and other types of foreclosure sales cannot be considered in the tax calculations.

Property sales from 2006 through the end of 2008 are the ones considered in property valuation for the year 2009, according to Eddy. Nonetheless, Eddy reassured property owners that the assessors did not use sales data in 2006 which indicated overinflated values.

Property appraisals in Allen County started in 2007 after the city hired an appraisal firm to conduct the valuations. She explained that residents and property owners were given opportunities to look at how the appraisals are being done. People were able to express their concerns about specific properties with appraisal team members.

Eddy also explained that homeowners who believe that their properties are overvalued can file their tax appeals with the county tax revision board. She said that the revision board will make the needed adjustments if properties are really overvalued. Taxpayers can get refunds or reductions in their next quarterly property tax payments.

Lastly, Eddy explained that residents are confused because tax officials in the past did not hold meetings to explain the reappraisal process. Indeed, the issues of overvaluation, tax foreclosed properties and tax appeals are easier to manage if tax payers are familiar with the processes.

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