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Our next revaluation is effective January 1st, 2025. The goal is to bring all property values whether too high or too low to the current market value and provide equalization among all types of properties - whether you own a home, farm, or business.
So what exactly is a reappraisal?
Reappraisal or revaluation is the process of determining the market value of real property as of a specific date. It helps to ensure that the value assigned to your property reflects its true worth in the current market. Each property is valued based on what a willing buyer and seller would agree on, with no pressure to buy or sell.
This process is essential for ensuring that everyone pays their fair share of property taxes, no more, no less. It is important to note that the 2025 revaluation will be applied to the property tax rates County Commissioners and municipalities set in June 2025, not the current budget year's tax rates.
How is the value of my home determined?
A countywide revaluation is a mass appraisal with the premise that similar properties within the same proximity will sell for a similar price. To ensure fair and accurate property values, our appraisal team uses a variety of resources including:
- Aerial and street photography: Our team visits each parcel to capture a details view of each property. We also consider zoning, soil classifications, and any improvements made.
- Recent Sales: We analyze market trends and sales. Personal property like motor vehicles, trailers, boats, and ATVs are valued annually, but real property, which is land and any improvements to the land, is valued during this countywide revaluation process.
- Land Records: Our team reviews property deeds to take the age and condition of construction into consideration.
The longer the time since the last revaluation, the greater the chances are that the property values no longer reflect market value. Through this process, we ensure that all properties are assessed equitably, allowing for fair distribution of the tax burden across Cleveland County.
What to Expect & How to Get Involved
First, you'll receive a revaluation notice in mid-February. This will show your property's updated value based on our January 1, 2025, revaluation. If you feel the value doesn't reflect your property's true market value, you have the right to appeal. You can submit an appeal online or by mail.
Appeals allow us to make necessary adjustments and ensure that the value assigned to your property is as accurate as possible. Our team is here to answer your questions, help you understand how your property value was determined, and review any information you provide.
