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Please return to this site between Wednesday, August 16, 2017 and Saturday, October 14, 2017 to view your new property values and submit an inquiry.

A Note from Lavon Wright

It’s been said that “understanding is half the battle”—and when it comes to understanding the home valuation process, our goal is to make it simple and straightforward so you, the property owner, can be both well informed and well educated.

Market values change over time as properties are bought and sold. It’s for this reason that Ohio law requires County Auditors to conduct a reappraisal of all real property every six years. In addition, every three years, the county is required to update values to reflect the current market (Triennial Update). Below is a high-level summary of the steps the Auditor’s office used to determine the 2017 tax year values which will be reflected on the 2018 tax bills in Preble County.

1. Data Collection & Review

For the reappraisal, the county contracts with a state registered appraisal firm to complete the project. The appraisal firm takes photos of every structure within the county to determine its grade and condition and ensure that the county records accurately account for each building that exists on each property. Letters are also sent to each property owner to request confirmation and updates regarding the property characteristics, such as age, room counts, and other relevant data.

2. Analysis

The appraisal firm establishes neighborhood boundaries, looks at historic trends, and accounts for actual sales that have occurred over the last three years within these boundaries to determine the estimated fair market value of properties.

3. Setting Values

The estimated fair market value is used as the gauge when appraising property and setting the value.

Fair market value is defined as an estimate of the most probable price each property may sell for in an open market between a willing buyer and a willing seller, neither being under any pressure to buy or sell, and all parties having full knowledge of all relevant facts about the property.

Thanks,

Lavon Wright

Lavon Wright

Preble County Auditor