What is the difference between market value and assessed value of my home?
Market value is the price you would sell your real estate property for on the open market. The county auditor in each county has the responsibility of appraising all taxable real property in the county to determine its value. Every six years the auditor generally hires a firm specializing in this field to do the reappraisals. A representative of this firm will make an on-site inspection of all real property and make an estimate of the sale value of the property. When taxes are calculated, they are not figured on the market value or the assessed value. The Ohio Supreme Court has declared that the same assessment rate must apply to all real property throughout the state. The Board of Tax Appeals has adopted a rule requiring that the assessed value be 35% of the sale value. So, if your property has a market value of $100,000 and is assessed for tax purposes at 35% of market value, your property tax will taxed based on an assessed value of $35,000 ($100,000 x 35%=$35,000). You would pay ta
