Higher Property Taxes Coming Soon To Columbus Ohio... What Are You Doing To Prepare?

[Jimmy Lieu]

So it looks like Franklin County is doing a mass re-appraisal process for our property taxes in 2023. Higher property taxes coming soon for Columbus Ohio properties?

Article: https://www.nbc4i.com/news/local-news/real-estate/how-to-track-property-tax-changes-in-franklin-county

Timeline for updated property taxes: https://audr-apps.franklincountyohio.gov/KnowYourHomeValue

What are your guys thoughts?

[Jordan Fiore]

This is always the inevitable. I tell my clients to always head to the auditors website and punch in the sale price to the tax section and see what the taxes would be. It makes them more prepared for the increase in taxes. I think this may create more LLC transfer transactions as well to try and avoid that.

[Brandon Goldsmith]

As @Jordan Fiore said it is best to check the auditors and try and prepare for it but LLC transfers are definitely a short-term solution @Jimmy Lieuim

[Jimmy Lieu]

Quote from @Jordan Fiore:

This is always the inevitable. I tell my clients to always head to the auditors website and punch in the sale price to the tax section and see what the taxes would be. It makes them more prepared for the increase in taxes. I think this may create more LLC transfer transactions as well to try and avoid that.

 This is great info! Totally agree! I feel like a lot of buyers only use the original tax amounts and they don't realize that taxes jump up to their purchase price the following next year

[Adah N.]

@Jimmy Lieu

Is it typical to expect a hike the following year? Both single and multifamily?

[Jimmy Lieu]

Quote from @Adah N.:

@Jimmy Lieu

Is it typical to expect a hike the following year? Both single and multifamily?

 Yes for all types of properties - both single families and multifamily property taxes will increase the following year based on the purchase price you bought it at - I would check with your city auditor site to estimate how much your taxes will increase by so you're not caught off guard - you should be doing this before buying any house!

[Scott McEntee]

I may be missing something, but given that in Ohio property values are reappraised every 3 years anyway, is this really a significant change compared to past reappraisal cycles?

It seems like the only differences with the 2023 reappraisal are that a visual inspection of the outside of the property may occur, and that there's a new website that provides more resources/transparency regarding the process (which I would think is a good thing).