Page 13 - MayJune25 Report

The Great
Property Value
Explosion
of 2025
By Jeffrey A. Levine
Since early 2024, property owners across Ohio have been
burdened by property tax bills significantly higher than the
ones they became accustomed to paying prior to 2024. This
is because, for tax year 2023, most county auditors (including
Hamilton, Clermont and Butler) performed comprehensive re-ap-
praisals and revaluations of all properties. Due to several factors,
including Greater Cincinnati’s real estate market, property values
have skyrocketed. So, too, have property tax bills, which are based
upon each property’s taxable value. What many property owners
don’t know is that by submitting an appeal to their county’s Board
of Revision, they can seek a reduction in their property’s value,
which will lead to lower property tax bills.
The deadline to file property valuation complaints for any given
tax year is March 31 of the following calendar year (i.e., for tax
year 2025, the filing deadline will be March 31, 2026). The Board
of Revision will review the complaint and conduct a hearing,
usually between May and September, where the complainant must
prove that their property was overvalued. While not as formal
as court proceedings, the hearings do involve a recorded presen-
tation of evidence and testimony before a three-member panel.
A representative from the auditor’s office will attend the hearing
to defend their valuation. The property owner’s appraiser is also
expected to appear and defend their findings. In some cases, an
attorney representing the school district in which the property is
located will attend the hearing and oppose the value reduction.
Generally, to demonstrate to the Board of Revision that a
property is overvalued, the property owner needs to present
the following: (1) evidence of comparable properties that have
recently sold at lower prices than what the auditor quoted for their
own property or (2) an appraisal prepared by a licensed profes-
THE REPORT | May/June 2025 | CincyBar.org sional appraiser showing the owner’s property value is lower
than the current auditor’s value. Appraisers usually rely on one
of two approaches to determine a property’s value: (1) the sales
comparison approach and (2) the income approach. Under the
sales comparison approach, the appraiser identifies recently sold
properties that are similar in location, size, age, and type. The
appraiser then uses those sale prices to estimate the subject prop-
erty’s value. Under the income approach, which is only applicable
to commercial properties, the appraiser estimates the property’s
value based on the income it produces. Professional appraisals
are almost always the best source of evidence for the hearing,
especially when the Board is familiar with the appraiser and defer-
ential to the appraiser’s credibility.
If the Board of Revision reduces a property’s value, the new
value will generally apply through the end of the current three-
year period, which is the midpoint of the six-year valuation period.
By seeking a single value reduction, property owners can poten-
tially save money on their taxes for several years. County auditors
perform a revaluation at the midpoint of each six-year appraisal
period. The difference between the two is that midpoint revalua-
tions don’t include a physical inspection of the property and only
consider general market conditions. If property owners are dissat-
isfied with the Board’s decision, they can appeal to the Ohio Board
of Tax Appeals or to the court of common pleas within 30 days
after receiving the Board’s decision.
Jeffrey A. Levine is a Partner at Strauss Troy and a member of its litigation and
corporate practice groups. Levine has a niche practice and extensive experience
representing clients before Ohio county boards of revision and the Ohio Board of Tax
Appeals for real estate tax valuation issues.
13