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 attributes 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.
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 a 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.
As your County Auditor, I believe it is important that we have open lines of communication when it comes to the valuation process. Please take some time to review the information on the Frequently Asked Questions to assist in your understanding of this process. Please keep in mind that at this stage we are only able to talk about the value of your property. Any discussion on the tax implications would be speculation due to the fact that there are other factors yet to be determined that may impact your tax bill, such as a new tax levy or a reduction in the tax rate.
Thank you for taking the time to engage in this process. I am hopeful that this process will help you become more informed and develop a deeper understanding of your property value.
Preble County Auditor