(Posted Sept. 5, 2017)
The Madison County Auditor’s Office has completed a three-year update of property values. This update is one of the many statutory duties required of the county auditor’s office. Property values are required to be reappraised every six years with an update of values done every three years in between.
Property values are on the rise in Madison County. The Ohio Department of Tax Equalization (DTE) has final approval of all property values. DTE had initially mandated an overall increase of 18 percent for Madison County residential values, but this office held the residential value increase to a county-wide average of 15 percent.
As in 2014, location is the biggest factor in the changes. While a few Madison County neighborhoods have experienced a large growth in value since the last reappraisal, other neighborhoods only had a modest change.
Agricultural values are set using the Current Agricultural Use Value (CAUV) tables. These rates are set by the State of Ohio and, due to new legislation, there are several changes to the CAUV program. New soil values will be phased in over the next two valuation cycles, beginning with 2018 tax bills. Under continuing law, farmland in a federal land retirement or conservation program is eligible for CAUV. If property owners are enrolled in these programs, a copy of the federal contract will need to be provided to the Auditor’s Office, along with the CAUV application. The CAUV values for Madison County soil types have decreased an average 24 percent compared to 2014 values.
The tentative new values will be listed on the auditor’s website at: http://madisonoh.ddti.net/. To speak to an appraiser about your new values, call the Auditor’s Office at (740) 852-9717 to schedule an appointment for sometime between Sept. 18 and Sept. 29.