Steps In Determining A Property’s Estimated Market Value
- Physically examine all real estate in the County that sold during the most recent three years. Look at:
- Location
- Age
- Condition relative to age
- Quality of Construction
- Size
- Amenities
- Determine if each sale was an arms-length transaction:
- Both the buyer and seller must be willing to sell and purchase
- Neither must be in a hurry (under undue pressure)
- Both must know all the ways the property can be used (for example, as a residential site and/or as a commercial property)
- The sale can not be "forced," that is, an auction, foreclosure, sheriff’s sale, tax delinquency sale, etc.
- The buyer and seller cannot be related to each other
- Input all arm's-length sales into the County's GIS for plotting onto a County-wide map. Determine purchasing patterns (analyze sales patterns)
- Determine neighborhoods; delineate in the County's GIS program
- Use natural boundaries when possible
- Note economic influences
- Determine homogeneity of structures
- Calculate the sale value of the raw land (land without buildings)
- Calculate the sale value of buildings (without land)
- Verify size and amenities of all structures
- Verify that similar types of structures are valued comparably
To view a list of laws about Ohio's valuation process, Click here
