The following information was submitted for publication by Champaign County Auditor Karen Bailey:
This year is the Triennial update year. The Ohio Department of Taxation notified the auditor’s office on Friday that residential home values should be increased by 26%. Auditor Bailey says this is bad news for residential property owners.
Bailey says there are two parts happening in the Champaign County Triennial that will increase the taxes on residential homeowners. The first is the 26% increase in residential values; and the second is the lowering of agricultural land values.
Part 1: In the Triennial update, the state reviews home sales over the 3 preceding years (2019, 2020, 2021). The results are compared with the auditor’s existing values and a factor is calculated. In Champaign County, homes have been selling at record highs. There is an impact to the value of an existing home when the house next door sells for 100% more and that’s what has happened here.
Part 2: The second soil rate adjustment on agricultural land will be applied. This adjustment will reduce the values on farmland by at least 20%.
The combination of increased residential rates and lower agricultural rates calculates into tax increases for the residential homeowner.
Taxpayers will know more by December of this year, after the triennial update process is completed and the tax rates have been certified. As always, feel free to contact the auditor’s office real estate department if you have any questions.
Info from Champaign County Auditor