2017 Property Reappraisal Franklin County, Ohio

Beth Collier, Treasurer Grandview Heights Schools

2017 Property Reappraisal �  Background

�  Average Increase in Valuation

�  House Bill 920

�  Average Increase in Taxes

�  A Closer Look at Grandview Heights

�  How Do We Compare to Other Communities?

�  Just the School Tax…

�  Keep In Mind…

�  Final Thoughts…

Background

�  Required by State Law

�  Conducted by Franklin County Auditor Clarence Mingo’s Office

�  “Sexennial Reappraisal” - Full Reappraisal Every 6 Years �  Every Individual Property is Viewed and Appraised

�  “Triennial Update” – 3rd Year In Between Reappraisals �  Statistical Analysis of 3 Years’ Sales - % adjustment to all

properties in given neighborhood

Average Increase In Property Value Residential Property

29.9%

17.9% 17.3% 15.9% 15.5% 14.9% 14.6%

13.8% 13.7% 13.7% 13.6% 13.3% 12.5%

11.0% 10.5%

8.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

How Does This Impact My Taxes?

�  Grandview Heights School District �  29.9% Average Increase in Residential Property Value

�  Does This Mean My Taxes Will Increase by 29.9%?

�  NO!

�  House Bill 920 �  Limits Inflationary Growth on Voted Taxes �  Exception – “Inside Millage”

Average Increase in Property Tax Residential Property

29.9%

17.9% 17.3% 15.9% 15.5% 14.9% 14.6%

13.8% 13.7% 13.7% 13.6% 13.3% 12.5%

11.0% 10.5%

8.5%

4.15% 2.88% 2.57%

1.86% 2.57% 2.00% 2.17% 1.68% 1.84% 2.39% 2.33% 2.07% 1.96% 1.58% 1.49% 1.33%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

A Closer Look at Grandview Heights

Typo; should be $2,509.50

Note: This example and the calculations on the following pages are specific to Grandview Heights. Marble Cliff’s total property tax rate (.35 mills) varies from the City of Grandview Heights’ total property tax rate (9.549505 mills), thus resulting in a lower tax bill per $100K of residential property.

A Closer Look at Grandview Heights 2017 Taxes Per $100,000

A Closer Look at Grandview Heights Projected 2018 Taxes Per $100,000

The Increase in Taxes…

Note: The increase in taxes is calculated for residents of Grandview Heights. Marble Cliff has a lower inside millage rate (.35 mills) than Grandview Heights (2.65 mills), resulting in a lower projected increase in taxes than the calculation shown here.

How Does Grandview Heights Compare to Other Communities?

Just the School Tax…

Keep In Mind…

�  29.9% is the AVERAGE increase in residential value

�  4.15% is the AVERAGE increase in residential taxes

�  Everyone will be impacted a little bit differently

�  If your property value increases > 29.9%, your taxes will increase by more than 4.15%

�  If your property value increases < 29.9%, your taxes will increase by less than 4.15% or may even decrease.

�  Results are Preliminary and Subject to Change

�  Tentative Values Will Be Sent Late August, 2017

�  New Values Take Effect for December, 2017 Tax Bills

�  Questions on Reappraisal Process? �  www.franklincountyauditor.com

�  614-525-4663

Final Thoughts…