Property Tax Definitions is available for download here: Property Tax Definitions

Watch video below for more information on the triennial update.

The Who? How? Why? of the Triennial Revaluation of Real Property

SPLITS/COMBINES:

THE LAST DAY TO FILE SPLITS/COMBINES (IN ORDER FOR THEM TO REFLECT IN OUR SYSTEM/WEBSITE AS A NEW PARCEL) IS NOVEMBER 30, 2023.

ANY SPLITS/COMBINES FILED AFTER THAT DATE WILL NOT SHOW AS A SPLIT/COMBINE IN OUR SYSTEM OR ON THE WEBSITE UNTIL WE ROLLOVER TO THE 2024 PAYABLE 2025 TAX YEAR.

Tentative Property Values for the 2023 Triennial Update

Knox County Auditor Sarah Thorne has announced that tentative property values for the 2023 Triennial Update have been approved by the State Department of Taxation, Tax Equalization Division and are now available for review.

Ohio law requires that the Auditor review and update the values of every parcel in the county at least once every six years, this is referred to as a Reappraisal.  Ohio law also requires, at the mid-point (3^rd year) of the six year cycle, that the Auditor conduct an analysis of sales of similar properties that have occurred in the county. This analysis of sales at the midpoint of the Reappraisal is referred to as a Triennial Update, which our county is undergoing for tax year 2023, with taxes payable on those values in 2024.

Leveraging expert tools and analysis, the Auditor is able to get a clear picture of the impact the housing market is having on current home values. The analysis of all valid real estate sales is the lynchpin to the process and a large contributing factor to the overall value placed on each property.  The Ohio Revised Code, the Ohio Administrative Code, as well as mandates from the State Tax Commissioner, provide direction for this process. For valuation purposes, the state recommends a target increase that is reflective of the valid real estate sales that took place in the county over the last three years. 

Valid home sales drive market value. With the lower interest rates from a few years ago and now limited inventory due to people not wanting to leave these low rates, we have hit another wave of high sales prices.  This boom has fueled a “seller’s” market, resulting in many cases, of homes that are being purchased for more than their established market value. The old saying “a rising tide lifts all boats” could be applied here. As real estate sales exceed the listed market value, all other similar properties will be adjusted to reflect what the market is dictating.

The informal review process is over, but if you believe the new property valuation is still too high, you may file a DTE 1 and those can be submitted January 1, 2024 through March 31, 2024.  If there are any data discrepancies on your property record card, please fill out a Property Data Correction Form and submit to knoxrealestate@co.knox.oh.us.

NEW CONSTRUCTION

Not all new construction has been completed or entered - our goal is to have all new construction for 2023 entered by September 30. 

Tentative value may be subject to change if the parcel is being reviewed for new construction.

2023 Property Value Update

 Every three years, the County Auditor is required by the State of Ohio to reappraise all property in the County.

Our office completed a full reappraisal of property values in 2020 and is scheduled to complete a triennial update in 2023.  These new values will impact the property taxes that you pay starting in 2024.

The window to file a formal property value appeal with the Board of Revision opens on January 1, 2024 and lasts until March 31, 2024.

Changes to Homestead Program

The first set of changes in over a decade will increase the Ohio homestead exemption based on inflation (read more). 

Friday, August 18, 2023 County auditors support Homestead Exemption Change as seen in the MorningJournal.com, page 3.