Frequently asked questions at tax collection time.

-What is a Triennial Update?

Property taxes in Ohio are based on an estimate of the fair market value of each parcel of real estate. State Law requires each County Auditor to maintain in his/her files a current appraisal for each property in the county. In order to keep these values up-to-date, a six-year general reappraisal cycle was instituted.

In an effort to maintain this up-to-date appraisal, the county is also required to re-examine values at the three-year midpoint of the appraisal cycle. This examination of values, called the Triennial Update, is done on a "neighborhood" basis by comparing property sales over the past three years with the county's value from the previous reappraisal. Using this data, both the state and the county create a sales ratio study and these reports are then reconciled. This reconciliation determines a percentage adjustment for each neighborhood. If, on the average, properties are selling for more than the county's appraisal, all values within the neighborhood are raised by the percentage to get them closer to 100% market value. Likewise, if properties are selling for less, values are reduced.

A general reappraisal differs from an update in that during a reappraisal, all properties are valued individually. During an update, entire neighborhoods are adjusted by computer analysis on a percentage basis.

-When was the last time a reappraisal was done in Lorain County?

-Why did my new appraisal value not change from my previous appraisal value?

The most Common reasons this would occur are:

• Board of Revision/Board of Tax Appeal Decisions for your property from 2007, 2008, or 2009.
• A revaluation done by Auditor's appraisal staff.
• Your neighborhood received no adjustment on the 2009 Triennial.
• Your property is classified commercial, industrial or exempt.

-All of my neighbors received a 5% reduction (for example) in their values and I received a different change in value. How could this happen?

The following are reasons your value change may be different:

• New Construction
• Razing/demolition/fire damage
• Splits/plats/combinations
• Change in taxable/exempt status
• TIF/abatement/CRA
• Previously omitted land/buildings
• Property in different neighborhood
• Reclassification of property
• Clerical/calculation correction
• Annexation changes
• Commercial/industrial property in residential neighborhood

-Is the county's appraisal an indication of what I could expect to get for my house if I decided to put it on the market?

Based on an analysis of properties that transferred during 2006, 2007 and 2008, your new appraisal is our best estimate of what your house could have sold for on January 1, 2009.

-What is Fair Market Value?

Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the real estate market.

-What is the difference between Assessed Value and Market Value?

Market Value is the 100% appraised value of your property. The Assessed Value (which is used to calculate taxes) is 35% of the Market Value. This 35% level of assessment is used in every county in Ohio.

-What if I disagree with your value estimate?

You have a couple of options. If you feel that there could be an error regarding characteristics of your property (size, age, etc.) or if you recently purchased the property for less than the County's appraisal, you can talk to an appraiser to see if an immediate adjustment can be made. To speak with an appraiser, you can call 440-329-5551, 440-329-5235, or 440-329-5265. You can also send your comments via email by completing an Informal Review sheet and emailing it to auditor@LorainCounty.com.

If the disagreement concerns an opinion of value, you may need to file an appeal with the Lorain County Board of Revision. You can find the form and more information about that process here. The filing period is January 1, 2010 thru March 31, 2010.

What can I expect to pay in taxes based on the new appraisal?

No one will be able to tell you what your taxes will be until after any levies are voted on in November and the Auditor receives the reduction factors form the State in December of 2009. As soon as the new tax amounts are available, you will be able to look them up on www.LorainCounty.com/auditor/summary.

-Are there any tax relief programs available for Lorain County Residents?

There is a 2.5% reduction for owner-occupied residential property. The only requirement for this program is that the property be your primary residence. Check the website to see if you are receiving the exemption. The form and instructions are located here or call 440-329-5203 for more information.

There is also a Homestead program for anyone 65 and over. This program exempts from taxation the first $25,000 in value of a qualifying person's home. More information about this program can be obtained here or by calling 440-329-5222.

Additional Information from the 2009 Triennial Update Press Conference (1MB PDF)