Holmes auditor to implement state-ordered update of real-estate values

Holmes auditor to implement state-ordered update of real-estate values
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The Triennial Update seeks to adjust values based on the preceding three-year history of real-estate sales. The relative health of the real-estate market is analyzed from a variety of standpoints within distinct property types.

                        

Holmes County Auditor Jackie McKee announced her office would soon take the necessary steps to implement a state-ordered update of real-estate values. The update, designed to reflect property values as of Jan. 1, 2019, will have its first effect on property tax bills to be mailed in the first half of 2020.

McKee explained a long-standing state code enforced by the Ohio Department of Taxation requires each county to conduct an update of values, termed a Triennial Update, at the midpoint between the state-mandated full reappraisals.

The Triennial Update seeks to adjust values based on the preceding three-year history of real-estate sales. The relative health of the real-estate market is analyzed from a variety of standpoints within distinct property types, like residential, agricultural, commercial and more.

The state will order adjustments based on valid sales from the last three years. Sales data from 2016-18 show residential and agriculture sale prices far exceeding the current auditor values. For example a residential home has an auditor value of $130,000 and sells on the open market for $200,000 or farmland valued at $8,000 per acre sells for $15,000 per acre.

Stay tuned for additional information on updated Holmes County values by visiting www.holmescountyauditor.news.


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