Want to know your home value, Franklin County?

Ensuring an accurate assessment of your largest financial investment, your home, should be your foremost concern. And, we can help you with that, no matter where you live in the United States. In this blog, we will specifically help you know your home value, Franklin County.

In Franklin County, homeowners can get the updated value of their real estate as part of the state-mandated property reappraisal process. During this process, auditors meticulously revise the value of each property within the county. 

Why is it crucial to know real estate values?

Understanding property values is crucial for homeowners, real estate investors, and policymakers alike. 

Firstly, property values serve as a key indicator of the overall health and stability of the real estate market. They reflect the demand for housing in a particular area, which can influence investment decisions, lending practices, and economic policies. 

For homeowners, knowing the value of their property enables them to make informed decisions about refinancing, selling, or renovating their homes. 

Real estate investors rely on accurate property values to assess potential returns on investment. And, they can make strategic decisions about buying or selling properties. 

Policymakers use property values to determine property tax rates, allocate resources for public services, and plan for community development initiatives.

And, for the state, real estate values help ensure fairness and accuracy in taxation, as property taxes are often based on the assessed value of the property. 

Counties such as Franklin County are required to reappraise real estate every six years and update their real estate appraisal every three years as per Ohio law.

Read more: Do I need a realtor if I found a house I already want?

What is the significance of property appraisal in Franklin County?

In Franklin County, the state emphasizes regular home value evaluations. Property owners are strongly encouraged to review the proposed values of their real estate. The property values reflect changes in market conditions and property characteristics. Furthermore, regular evaluations help maintain transparency and accountability in the assessment process.

If you are a homeowner in Franklin County, it’s a good measure for you. For instance, if you were to sell your property today, the tentative property value will help you anticipate the sale price you may be able to receive from a potential buyer in the current market context.

What is the effect of a rise in property value on taxes? 

Property taxes are determined through a formula involving the taxable value of a residence multiplied by the effective tax rate established by the state. The key variable in this calculation is the county’s tax rate. Its value may fluctuate due to factors such as the assessed value of properties, local governments and municipalities, demographic composition, and economic conditions. And sometimes, voter approval through referendums or ballot initiatives.

What are the findings in Franklin County regarding home values?

The Franklin County Auditor’s office found that home values in the county increased by an average of 41% over the past three years. The increases varied across different areas. They ranged from 17% in Grandview Heights to 68% in Whitehall and 70% in the Hamilton Local School District. 

What’s more, agricultural land values rose by 40%, commercial by 19%, industrial by 14%, and exempt properties by 10%. Overall, the total value of property in the county surged by 35%, reaching $195 billion by the end of last year.

It’s important to note that while property taxes are based on property values, a 40% increase in property values does not necessarily translate to a 40% rise in property taxes.

Read more: Steps when increasing property value

Can Franklin County homeowners challenge their home value assessment?

Franklin County property owners can schedule a property value review with appraisers to discuss their property’s value – either via virtual or in-person appointment. They can work with the auditor’s office to provide information supporting their case for a change in value. Keep in mind that meetings with the auditor’s office are available until September before property values are finalized in December. 

Is there a reliable way to know your home value, Franklin County?

Homeowners and property investors can utilize Kukun iHomeManager. It offers a comprehensive suite of data-driven home investment insight products.

The platform includes home value management, where real estate owners can take control of their home value, anticipate the impact of upgrades, and plan to maximize home equity. 

Users can also forecast their home’s value over the next 1 to 5 years. The platform helps identify optimal renovations and their costs, even alerting users about essential home maintenance tasks. 

The recommendations for home improvement projects and ROI-increasing strategies can help them in the home remodeling journey. 

Additionally, the free home renovation cost estimator allows them to plan and customize their dream home. What’s more, they can assess the return on investment for their renovation plans and explore various budget scenarios. 

iHomeManager also provides neighborhood insights, including school rankings, local amenities, healthcare services, and transit options. This information empowers users to make informed decisions to maximize their home’s sales price.

Read more: What is estoppel in real estate?

Written by Ramona Sinha. February 11, 2024

Ramona is the Senior Content Writer for Kukun. This experienced blogger uses simple and succinct words to decipher the complex phenomenon called life. She has written articles covering a broad range of topics, such as real estate, lending and mortgage, finance, business, taxation, home designs, home improvement projects, decor concepts, and more. An avid traveler, she’s a digital nomad at heart and an animal lover from the depth of her soul.