Homeowner Tip – Property Taxes Going Up?

Homeowner Tip - Property Taxes Going Up?

Your property value has gone up, so now what?

If you live in either Franklin or Delaware counties and you own a home, you probably received a letter from the county recently letting you know the good news, “your property value has gone up!”  At first glance, this might seem like a great thing.  The truth is, if you aren’t moving, then it’s bitter sweet.  The good news is that your house is worth more than it was three years ago when they last conducted re-valuations and your investment is performing well.  The bad news is that the higher value probably means higher taxes.  The probably part comes in because you won’t know how much your taxes will actually go up until after the elections in November are finalized with any new levies and after the new tax amounts are certified by the county.  So, you likely won’t know the exact amount until around Christmas.  Nice present, huh?

What if the value is wrong?  If you think that your property valuation has gone up more than it should have or that there might be an error, you have the right to challenge the valuation.  Each county’s process is a little different, but they all have a process whereby you can formally challenge the valuation assigned by providing data that would indicate a different valuation.  The key here is data – you need to be able to show recent sales information or other documentation that the assumptions the appraiser made when they determined the valuation were wrong.    This can be either in the form of an appraisal, comparable home sales, blue prints showing different square footages, or other such information. 

To learn more about your county’s process, you can visit their respective websites below:

Delaware County Auditor
Franklin County Auditor
Knox Country Auditor
Union County Auditor

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