COLUMBUS, Ohio (WCMH) — Franklin County home values are increasing more than 40% from this year’s mass reappraisal and homeowners are bracing for considerably higher property taxes.

The state-required reappraisal process has released tentative new evaluations that increase Franklin County residential values by an average of 41%, according to county Auditor Michael Stinziano. Homeowners can view their new proposed value on the Know Your Home Value website, with the tentative values also being mailed to each property.

Average Franklin County property value increases broken down by school district. (Courtesy Graphic/Franklin County Auditor’s Office)

“Franklin County property owners are encouraged to look at the proposed values and reflect if they sold their property today, would the proposed value be aligned with what they would seek from a new buyer,” said Stinziano.

Broken down by school district, the increases range from a 17% increase for Grandview Heights to a 70% increase for Hamilton Local School District.

Canal Winchester and Licking Heights can expect an increase of 47%, Columbus City Schools a 48% increase, Reynoldsburg a 50% increase, Groveport Madison a 61% increase and Whitehall a 68% increase.

How will the increase impact taxes?

This year’s reappraisal process is not intended to increase or decrease taxes but to keep property values up to date with Franklin County’s real estate market, the auditor’s office said. As a result of the reappraisal, tax rates are adjusted to collect the same amount of revenue as was collected the year before on all voted millage — ballot box issues, like funding for local schools, city and township governments.

Millage is equal to one dollar for each $1,000 of taxable valuation. In Ohio, property taxes are assessed on 35% of the appraised value set by the county auditor and are calculated by multiplying the taxable value of a home — that 35% of the appraised market value — times the district’s total millage.

So, it is not a one-to-one ratio: A 41% rise in property value does not equate to a 41% increase in taxes. Here’s an example: One mill levied on a home with an appraised market value of $100,000 would produce a taxable value of $35,000 and generate $35 in revenue.

Generally, the auditor’s office outlines the following quick rules:

If This:Then This:
Your value change is the same as the average in your district, or increases at the same rate as the average in your taxing districtYou can expect a small change in taxes
Your value change decreases more than the average in your taxing district, or decreases, but the average in your taxing district increasesYou can expect a decrease in taxes
Your value decreases, but less than the average decline in your taxing districtYou can expect a small increase in taxes
Your value increases more than other average increases in your taxing districtYou can expect an increase in taxes
(Franklin County Auditor’s Office)

Counties are required to reappraise real estate every six years — the process underway in Franklin County — and update their values every three years. Along with Franklin County, Delaware, Licking and Pickaway counties are completing reappraisals in 2023. Ashland, Athens, Knox, Madison and Noble counties are updating.

The reappraisal process is much more intensive, while a three-year update only assesses home sale data. Stinziano’s office noted Franklin’s County’s last update in 2020 increased values roughly 20%, leading to a tax increase of about 7.8%.

How to contest your property’s proposed value

Homeowners who feel their new value is incorrect can schedule a “Property Value Review,” where they can meet with appraisers and explain their opinion of the property value, Stinziano said. Appointments can be scheduled online here, and can be virtual or in-person at multiple locations across the county. 

“I strongly encourage any homeowner who feels the value is inaccurate to schedule a Property Value Review, where they can work with the auditor’s office to share information as to why a change may be appropriate,” Stinziano said.

Owners who disagree with the assigned value can meet with the auditor’s office through September before property values are set in December. The Know Your Home Value website is also home to answers to frequently asked questions and the ability to compare your property’s value with others in the neighborhood, municipality, across the county and the state.