2.5% Owner Occupier Credit / Stadium Sales Tax Related Credit All owner/occupied residential real property is entitled to a 2.5% reduction on property taxes. The Hamilton County Commissioners determined that the stadium credit (a tax credit associated with the sales tax which was passed by Hamilton County voters in order to finance new stadiums) on property taxes would be contingent on the 2.5% reduction. Only those property owners receiving the 2.5% reduction would be eligible to receive the stadium credit.
Abated Property A tool used by local governments to exempt real estate from property taxes in order to encourage economic development within the community. State statutes define the types of abatement. Community Reinvestment Area (CRA) - Owners of real estate in the City of Cincinnati who renovate existing buildings or construct new buildings can receive a property tax exemption up to fifteen years on the new value added to the property. Urban Renewal Abatement - Owners of a new development can enter into an agreement with a local government to make service payments in lieu of property taxes. The local governments can then use these service payment amounts to finance improvements to the infrastructure associated with the project.
Acres Total measurement in acres (43,560 sq.ft.) of a particular parcel of land.
Addition Any structural improvement physically attached to the base dwelling.
Appraisal The estimation and opinion of value placed on a piece of land based upon a factual analysis by a qualified professional.
Base Dwelling The main living area of a house, having common story height and basement.
Board of Revision A panel consisting of the Hamilton County Auditor, the Hamilton County Treasurer, and the President of the Hamilton County Commissioners or their designees set up by the Ohio Revised Code to hear appeals filed by property owners who contest their property valuation as set in the mass appraisal process. The Board has the authority to increase or decrease or make no change to the valuation. When notice is received of the Board's decision, the property owner has thirty (30) days to appeal to either the Ohio Board of Tax Appeals in Columbus or the Court of Common Pleas here in Cincinnati. If the decision is not appealed, any adjustments will either be credited to the next tax bill or a refund check will be issued.
CAUV Value Current Agricultural Use Value is an adjustment to the market value when land and improvements are devoted to the production of crops, fruits, timber, or the raising of livestock.
Comparable Sales Recorded sales of properties similar in size, use, construction quality, age, and often located within the same submarket and used as comparisons to determine the fair market value of another piece of property.
Conveyance The transfer of title of land between parties.
Conveyance Numbers Conveyance numbers are assigned by the Auditor's office to all deeds on which a conveyance fee is paid. Deeds presented for transfer that are exempt from conveyance fees are not assigned conveyance numbers, only deed numbers.
Cost Approach An accepted valuation approach, estimating replacement cost of a structure with similar utility less measured depreciation from all sources.
Date Date refers to the date of transfer by the Auditor. Previous sales indicate prior Auditor transfers and sale amounts.
Deed Numbers Deed numbers are assigned by the Auditor's office to all deeds presented for transfer. Deeds on which conveyance fees are paid as well as deeds on which no conveyance fees are paid are assigned numbers.
Deed Type Types of deeds or transfers.
Exempt Property Property used for governmental, charitable, educational, religious, abated, and other non-profit purposes as determined by the Ohio Department of Taxation. They are excluded from real property taxation.
Foreclosure After numerous legal notifications, failure to pay property taxes results in a suit being filed by the Hamilton County Treasurer and, if a judgment is obtained, a foreclosure sale of the delinquent property. The Hamilton County Sheriff holds foreclosure sales every Thursday. If not sold the first time, the delinquent parcel is offered in a second Sheriff's Sale. If not sold then, it is forfeited to the State and these properties are offered once a year, in June, at the Hamilton County Auditor's Forfeited Land Sale. For more information on the weekly Sheriff's Sale, please call 946-6400 or visit the Sheriff's website at www.hcso.org.
Front Foot A land unit measure, one foot in width, taken along the street or front of the site extending the depth of the lot.
Homestead A dwelling or a unit in a multi-unit dwelling or condominium owned and occupied as a home by an individual whose domicile is in this state.
Homestead Exemption A state mandated reduction in Real Estate taxes for taxpayers who own and occupy their homes, are either 65 years of age or older or totally and permanently disabled.
Land Use Code A three digit code denoting the most predominant use of a particular parcel of land.
Levy A tax that a government or the voters impose. Levies are stated in “mills”. AN additional explanation of levies can be found in the 2000 Hamilton County Citizens Financial Report.
Limited Warranty Deed A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. The grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee’s title. Any title defect before he took possession would not be guaranteed.
Living Area The area enclosed by the outside dimensions of the heated and air conditioned portions of the house, excluding open porches, garages, and such.
Location The address of a property’s actual location.
Market Improved Value The most probable sale price in terms of money that a structure on a particular parcel would bring in an open and competitive market with a willing buyer and seller. (See Reappraisal and Triennial Update)
Market Land Value The most probable sale price in terms of money of a parcel of land in an open and competitive market with a willing buyer and seller.
Market Total Value The most probable sale price in terms of money of the land and building on a particular parcel in an open and competitive market with a willing buyer and seller.
Mills A mill is a unit of taxation amounting to $1 for each $1,000 of a property’s assessed value. For example, a tax of two mills on a parcel assessed at $200,000 equals $400 (2 x $200,000/$1,000) in taxes.
Monthly Value Factor Calculated as (Assessed Value * .875) / 12 to account for the State of Ohio property 10% Rollback and 2.5% credit programs.
New Construction Any new structure or an addition to an existing building.
Outbuilding Any structure on a given lot that is not physically attached to the base dwelling.
Parcel An area of land contained in a single legal description.
Parcel Number In this example, parcel 599-0001-0002-00 can be broken down as follows: 599 = Book; 0001 = Plat; 0002 = Parcel; 00 .
Reappraisal Ohio Law requires a mass physical reappraisal of all real property in Hamilton County every six (6) years. Hamilton County is now completing its reappraisal for the January 2011 tax lien date with the help of Lexur, a company that specializes in property revaluation programs. The revaluation is needed to establish current Fair Market Value. Changes in value occur over time for many different reasons, including economic conditions, improvements to the property, or even demolition of a building. The revaluation equalizes imbalances in changing property values and helps ensure that each property owner pays only his/her appropriate share of property taxes. The reappraisal process began in mid 2009 when new video images were taken of each property in the county. These new images will assist us in valuing each property properly. While video images were taken, property characteristics were verified by the appraisal staff. The revaluation process will be completed in 2011 and the results will be reflected on the tax bills sent in 2012. Some property owners’ taxes go up, some go down, and others stay about the same. The differences are caused by economic trends that vary from neighborhood to neighborhood and among different types of properties as well as new and/or additional tax levies that are passed by voters on election day. The new values are only one part of the taxing process. Many other factors also affect the final tax bill. In Ohio, by law, assessed valuations are determined by taking 35% of the market value. Then local tax rates are applied to calculate each tax bill. The rates are also adjusted when State mandated reductions, sometimes called rollbacks, are applied. Before the new values are finalized and sent to the State Tax Commissioner, Hamilton County conducts an informal review process allowing property owners the opportunity to communicate concerns they have about their new tentative value. All property owners will be mailed a Tentative Value Notice that will explain ways they can communicate their concerns or questions. After all informal reviews are complete and final values have been set and sent to the State for approval, Final Value Letters will be sent to all owners of property that have contacted us and to those whose values have been changed from Tentative to Final. Property owners who do not communicate their concerns before the deadline will still have the right to file a formal complaint with the Hamilton County Board of Revision between January 1 and March 31, 2012. They also may appeal Board of Revision decisions to the State Board of Tax Appeals or the Common Pleas Court.
Registered Land The concept of Registered Land was conceived in the 19th century with the establishment of private title insurance companies. These companies guaranteed a clear title to prospective buyers of real estate. This guarantee, of course, protected lending institutions and their investors as well. This concept evolved into law with the Torrens Act in 1913 that was adopted by the State of Ohio. Under this Act, any property owner can voluntarily petition to have his land "registered". Registered Land is surveyed, and the boundaries are guaranteed correct by the state. It is also subject to specific codes set by law. The title is guaranteed by a state insurance fund against loss to the property owner from land examiner and/or Recorder errors. Adverse possession cannot be claimed against Registered Land, and property owners must be notified of any involuntary liens within a specified time. All parcels that have been registered under the provisions of this law have a document known as a Certificate of Title that shows ownership. A Registered Land Examiner approved by the court must handle most of the paper work involved with a Certificate of Title. Changes to Registered Land must be approved by the Court. There is presently more Registered Land in Hamilton County than any other county in the State of Ohio.
Sale Amount Sale amount indicates the TOTAL consideration for the real property, which is the sum of the new mortgage amount, the balance assumed (if any), and cash paid (if any). A sale amount of $0 indicates that the property was exempt from conveyance fees and no consideration was paid.
Sketch An outline drawing of a structure on a parcel, showing shape and dimensions.
Sketch Identification Codes Identification codes which are most commonly used on the Residential and Sketch Screens.
Square Feet (Sq. Ft.) Total measurement of the living area of a property based on exterior building measurements.
Special Assessments Charges for services provided by a taxing authority, and certified to the Auditor for collection. Services can include but are not limited to: garbage collection, sewer tap in, urban forestry, boulevard lighting, delinquent water billing, demolition charges, sidewalk repair, etc. A 3% fee is added to the certified amount by the Auditor for processing. Specific questions regarding a special assessment, and disputes over the validity of a charge should be directed to the taxing authority.
Tax Increment Financing (TIF) Ohio law allows a local government (county, municipality, or township) to designate the new value added to a parcel or group of parcels to be exempt from real property taxation. This does not, however, change the taxpayer’s obligation, nor does it change the total valuation on the taxpayer’s property. A taxpayer located within a TIF district continues to make payments in an amount equal to the real property tax liability. But TIF payments are then directed to the local government to fund certain infrastructure needs within the community. Local governments with TIF properties usually enter into agreements with the local school district(s) to offset the school’s loss in tax revenue resulting from the exemption.
Triennial Update Every three (3) years Ohio law requires an update of every parcel of property in order to establish a current market value. The Hamilton County triennial update will be the three year update subsequent to the 2011 reappraisal. This will take place in tax year 2014, payable in 2015. This statistical adjustment is primarily based on valid (arm’s length) sales from late 2011 through October 2014 with more weight given to the most recent sales. The adjustment of value will be derived by calculating the difference between the existing appraised value and the sale price of properties within your neighborhood or governmental jurisdiction. The average and median differences will then be reconciled by our appraiser’s judgment to arrive at an adjustment for your neighborhood or governmental jurisdication. This percentage will then be applied to each parcel to reflect what we determine is the current market value of that property for 2014. A valid arm’s length sale of an individual property from the end of 2011 through October 2014 will result in an adjustment in value to reflect the sale price.
Valid Sale An arm's length, open market transaction as of a specific date whereby there is a willing buyer and seller, each acting in what he/she considers his/her best interest; a reasonable time is allowed for exposure in an open market; payment is made in terms of cash or comparable financial arrangements; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
# of Parcels Refers to the number of real estate parcels transferred in a particular transaction. If two or more parcels are not consolidated, they are considered separate parcels for purposes of transfer. For example, if an individual sells his/her house (one parcel) with an adjoining lot that is a separate parcel, the number "2" would appear in this field as the total number of parcels transferred. If, however, the two parcels were previously consolidated into one parcel, the number "1" would appear.