Landlords and certain tenants can dispute the assessed value of their property for the 2021 tax year by filing a property tax assessment complaint before March 31, 2022 reduce their property taxes. For the first time, Ohio law allows certain commercial and industrial tenants, in addition to landlords, to file the assessment complaint if the tenant is liable for property taxes (for example, tenants on a triple net lease) and obtains the owner’s agreement. SB 57. For the 2021 tax year, the property is valued as of January 1, 2021 (i.e. the date of the tax lien).
There are several reasons why property value may be inflated, as property values in Ohio are reassessed or updated by the county every three years, values are automatically adjusted when property is transferred ( even if the sale price includes non-taxable personal or intangible property), or the property has been historically overvalued. Although some sectors of the real estate market have been strong during the pandemic, we have noticed that these perceived market gains appear to have been applied evenly to all types of real estate, resulting in unwarranted increases in value in many circumstances.
If you want to dispute the value of your property, taxpayers should start working with their attorney now to ensure the relevant information is available to achieve the most favorable outcome. This often includes the use of an appraiser to support the reduced appraisal. However, there may be other methods to support a lower appraisal even without getting an appraisal, especially if the property was recently transferred.
Landlords and tenants should not miss this opportunity to review their property assessments. Additionally, taxes can be challenged in situations where COVID-19 has specifically affected property values, such as industries hard hit by the pandemic, even if an assessment complaint had been filed during the assessment period. previous three-year evaluation. In northeast Ohio for 2021, properties in Sandusky County were reassessed, while values in Cuyahoga, Lake, Lorain, Portage and Stark County were updated.