(Posted Aug. 14, 2023)
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 must be reappraised every six years with an update of values done every three years in between.
Property values are on the rise across Ohio, including 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 36 percent for Madison County residential values, but the Madison County Auditor’s Office held the residential value increase to a county-wide average of 32.3 percent.
As in 2020, location is the biggest factor in the changes. While a few Madison County neighborhoods have experienced a large growth in value since the last revaluation, other neighborhoods only had a modest change.
To see how your property will be affected, visit auditor.co.madison.oh.us. Tentative values are now showing on the website. The auditor’s office will have an “open book” period during which property owners can speak to an appraiser about their property value. It is important to remember that a rise in property values does not equate to the same rate increase in property taxes.
Agricultural values are set using the Current Agricultural Use Value (CAUV) tables. These rates are set by the State of Ohio and are updated every three years. Over the last few updates, CAUV values have remained constant or have decreased slightly. Due to a “perfect storm” of high yields, crop prices, and interest rates, CAUV rates for tax year 2023 are on the rise.
Madison County has 263,636 acres in the CAUV program with over 50 different soil types. The predominant soil type in the county is Kokomo silty clay loam. The CAUV valuation of this soil will increase from $2,250 per acre to $3,780 per acre for tax year 2023, billed in 2024. In the next few months, the auditor’s office will hold an information session regarding the CAUV program and valuations. All property owners in the CAUV program will be notified of the time and location of the meeting. All upcoming meetings and notices also will be posted on the auditor’s website.
Call (740) 852-9717 with any questions or concerns about your property valuation.