President's Column: New Real Estate Values Available

Jeff Russell, 2009 President, Lorain County Association of REALTORS®

Jeff Russell 2009 LoCAR President

I’m sure that many of you have either read the newspaper article or heard about the change in the Lorain County Auditor’s appraised value of your home, which in turn affects the amount of property taxes you pay.

Property taxes in Ohio are based on an estimate of the fair market value of each parcel of real estate. State Law requires each County Auditor to maintain a current appraisal for each property in the county. Referring to residential properties, Mark Stewart, Lorain County Auditor stated, “This is the single biggest asset that somebody has. We don’t want it to be too low or too high. We want it to be correct.”

The values established for the 2009 tax year (for 2009 taxes payable in 2010) will stay intact for the next three years. The next reappraisal will be for 2012 values.

In order to explain and keep the property owners of Lorain County informed, Lorain County Auditor, Mark Stewart, and his staff have compiled information regarding the Triennial Update and put together a “Lorain County Real Estate Summary” section of their website. Simply go to: www.loraincounty.com/auditor and click on the “Lorain County Real Estate Summary” box in the middle of the page.

This page gives you a few choices:

“Search” – Search to get specific information on a particular parcel. You can find the 2008 and 2009 values along with the percent difference between the two.

“Frequently Asked Questions” – A listing of questions and answers to help understand the reappraisal process and how it affects the property owner.

“Informal Review Request” – A simple and straightforward online form you can fill out and submit if you don’t agree with the reappraised value of your property.

“Contact Information” – Information on how to contact the Auditor’s office.

Get the correct information on your specific property. The Lorain County Auditor’s office encourages you to check out their free website and review your property values.