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Wednesday, May 6, 2020
Contact: Monica Moran, 614.378.2879
Monica.Moran@franklincountyohio.gov
Auditor Stinziano Asks for Delay of Triennial Property Value Update
COLUMBUS, Ohio – Franklin County Auditor Michael Stinziano has requested a one-year delay for the triennial property value update because of the current public health emergency and the impacts it has on the real estate market.
In a letter to the Ohio Tax Commissioner sent Wednesday, Stinziano laid out why he is requesting the delay.
“Changing to a 2021 triennial process instead of the currently planned 2020 update will allow the public and local governments to have confidence the appraised value properly reflects market value,” Stinziano said. “It is unclear what impact the COVID-19 pandemic will have on the real estate market and values.”
Ohio law requires county auditors to appraise all county properties every six years, with a market update in between at every third year. Currently that update is scheduled for 2020.
Before the pandemic, the Franklin County real estate market had been one of the strongest in the nation and property values were projected to rise significantly. However, there are signs that the market is in decline since the crisis hit. Postponing the update will ensure the Auditor’s office can accurately determine property values and account for the impacts of the current heath crisis. Auditor Stinziano reminds homeowners that a change in property value does not necessarily mean an increase or decrease in property taxes.
Stinziano noted that local governments that rely on property tax revenue to provide essential services will be protected by the state’s annual Equalization Process, which maintains the value of voter-approved levies. He also offered his help to local governments should a delay be approved. “Through the budget commission and the tax settlement process I stand ready to provide any assistance possible to Franklin County local governments,” Stinziano said in the letter.
Stinziano has requested a response from the Ohio Tax Commissioner by the end of May so that the office can move forward accordingly and ensure the most accurate value of property across Franklin County.
"Homeowner input via the in-person informal review process is one of the most important parts of the triennial update. While my office stands ready to move forward with the triennial in 2020, I am hopeful that the Tax Commissioner will this request in order to give time to provide the best possible market values and accommodate homeowner participation in the triennial process," Stinziano said.
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