Starting this month, Cuyahoga County embarks on the task of reappraising every property in the County as part of the sexennial reappraisal set to be concluded by 2024. This is a process mandated by Ohio state law, which requires every county within the state to periodically update or reappraise the properties under their jurisdiction. The exercise is coordinated between various administrative divisions within the county, following guidelines set by the state.
The function of the reappraisal is to update property tax records. It can affect homeowners, businesses, and any entity within these borders that owns property. Consequently, these reappraisals can often result in increased property taxes, based on the updated value.
It is essential for property owners to ensure that their property is correctly valued during this reappraisal process. Inaccurate appraisal could result in unfair tax assessment. In that case, property owners have the right to dispute the appraisal value. Disputing could result in a more fair tax valuation, and thereby saving the property owners potentially thousands of dollars each year.
This process, however intense and comprehensive, is part and parcel of maintaining a fair and balanced economic ecosystem within the state. It ensures the regular update of property values based on the current market rates, providing a certain level of economic parity and financial accountability among property owners.
For more detailed information on the Cuyahoga County reappraisal and the legal implications of the process, refer to the full article by Kohrman Jackson & Krantz LLP on JD Supra.