2022 triennial update of property values complete

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Champaign County has completed its work on the 2022 triennial update. Ohio Law (Ohio Revised Code 5713.01) requires an update to be completed on the third year of the six-year reappraisal cycle.

Auditor Karen Bailey says her office was required to update the market value of all residential property in the county and then submit these values to the Ohio Division of Tax Equalization for approval. The updated values have been submitted, they have been approved and they are now available on the auditor’s website.

This update included analysis of property sales that occurred in years 2019, 2020 and 2021. Valid residential home sales drive the market value, and Bailey has observed that real estate sales have consistently exceeded the listed market value.

Most people want to know the impact of these updates on their real estate tax bill. An increase in a property’s fair market value does not increase the amount of property taxes at the same rate.

There are many other factors that compile a tax rate, including any new or renewal levies that are passed at the next election.

However, the auditor’s office will not be able to provide any property tax estimates until the tax rates are issued by the state of Ohio. Those rates are expected in late December.

For any property owner who has questions regarding their updated value, there will be informal hearings available by appointment only on Tuesday, Oct. 4 from 9 a.m. to 6 p.m., Wednesday, Oct. 5 from 8:30 a.m. to 4 p.m. and Thursday, Oct. 6 from 8:30 a.m. to 2 p.m.

Please contact the real estate department for scheduling appointments and for any other questions you may have regarding this process at 937-484-1531.

Submitted story

Info from auditor’s office.

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