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Tentative Mahoning County property market values for reappraisal released by auditor

By Auditor Ralph Meacham Mahoning Matters
How is Real Property Appraised & Assessed in Ohio?
How is Real Property Appraised & Assessed in Ohio? Ohio Department of Taxation

Mahoning County auditor Ralph Meacham released the tentative market values for Tax Year 2023 reappraisal, and residential property owners will see a county-wide average increase in value of 38%.

“For the last several years, the housing market values steadily increased not just in Mahoning County, but state-wide,” said Meacham.

According to the Ohio Department of Taxation, 41 of Ohio’s 88 counties are undergoing either a reappraisal or triennial update for Tax Year 2023.

This chart shows the percentages of increase for many of those counties:

Shows the percentages of increase for 41 of Ohio’s 88 counties are undergoing either a reappraisal or triennial update for Tax Year 2023. 
Shows the percentages of increase for 41 of Ohio’s 88 counties are undergoing either a reappraisal or triennial update for Tax Year 2023.  Mahoning County Auditor
How are properties are appraised and assessed in Ohio? Watch this video from the Ohio Department of Taxation:

Decrease in newly listed properties on the market

The Youngstown Columbiana Association of Realtors reports a decrease each year in the number of newly listed properties for 2021, 2022 and 2023.

That lower inventory combined with historically low interest rates was a driving force in the increased sale prices that were recorded throughout Ohio.

Auditor Meacham also wants to make the public aware that taxpayers who received the Homestead Exemption and whose value was under $25,000 prior to the reappraisal, only paid special assessments.

However, if their new value goes above $25,000, they may owe property taxes as well.

“House Bill 920, which was enacted in 1976, requires that tax rates be adjusted so that taxing authorities such as schools, townships, and cities do not collect more money than what voters approved at the ballot,” said Meacham.

He continued: “…your percentage of value increase does not necessarily correspond to an equal percentage of increase in property taxes.”

Levies approved in the November 2023 election will be adjusted for the 2023 values for taxes payable in 2024. Actual taxes due in 2024 cannot be calculated until the effective tax rates are calculated by the Ohio Department of Taxation in December.

Taxpayers can obtain their new tentative property values as well as the percentage of increase by taxing district by visiting the Reappraisal page on the Auditor’s website at Auditor’s website, Mahoning County or by calling the reappraisal hotline at 330-740-2758.

The Auditor will hold informal review sessions in October, and if warranted in November, for those taxpayers who wish to speak to an appraiser regarding their new tentative value. Taxpayers can schedule one of these sessions through the Auditor’s website or by calling the Reappraisal Hotline. The sessions can be done as a virtual meeting or a phone call.

The tentative values will be finalized in December and effective tax rates issued. Property tax amounts will be available mid-January, 2024.

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