How much you pay in property taxes is determined by two things: the value of the property you live in and the tax levies that are approved by voters or the elected officials in the municipality where you live.
When it comes to figuring out the value of your home, your county auditor’s website is a great place to start. The value of your home is calculated by its Fair Market Value, a figure which The Hamilton County Auditor decides (or the auditor in the county in which you live). As the auditor’s web site explains, Ohio law requires properties to be reappraised and revalued twice every six years. The start of the last six-year cycle was 2017, so properties in Hamilton County will be re-appraised again in 2020.
The value of your property is, in part, determined by how much it may have recently sold for, how much properties around your home are selling for, any improvements that you’ve made to the property, or any deterioration to your property or surrounding properties.
Once the Fair Market Value of your property is determined, an Assessed Value can be determined. The Assessed Value is 35 percent of the Fair Market Value in Ohio, and this is the amount on which your property taxes will be calculated.
Home values in Cincinnati went up about 8.1 percent in 2018 according to Zillow’s December 2018 Market Report. That’s a double-edged sword for homeowners. If you are going to sell your home soon, this is exactly what you want to see. If you are retired or nearing retirement and want to stay in your current home but are now facing a reduced income, it’s not as ideal.
Should you stay or should you go?
Whether you decide to take advantage of increasing home values and list yours or stay put and deal with the rising taxes, First Financial Bank has professionals in money management, mortgage lending and consumer lending. We can walk you through the process of home valuation and find solutions to making your property tax burden more manageable. Perhaps now is the time to consider a mortgage refinance? Or, would a home equity line make sense for you? Are you over the age of 65 or a disabled military veteran? You might qualify for a homestead exemption.
At First Financial Bank, we are a community bank, not just a bank in your community. We understand the local issues that can impact your finances, and we are here to help you. Connect with a mortgage loan officer, today.