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Appraised Value vs. Assessed Value

Appraised value is the best estimate of a property’s value that the county auditor can make. The appraised value is determined by looking at the sales of nearby comparable properties, in terms of property size and home size, then averaging those sale totals together. This means all properties in the same general ballpark (when it comes to property size and home size) will appraise about the same. This may not reflect the true market value of an individual home, however, as it doesn’t take into account anything unique to that property that may affect sale value. 


Assessed value is the total amount of a property that is allowed to be taxed. It is defined in the Ohio constitution as 35% of a property’s appraised value.


It is important to understand the difference in these two values. Whenever any property tax is discussed or calculated it is based on the assessed value only, which is a much smaller amount. To put that in simple numbers: 


A property that’s appraised at $100,000 is only taxed on $35,000. 

$100,000 x .35 = $35,000


An appraised $200,000 property is only taxed on $70,000. 

$200,000 x .35 = $70,000


An appraised $300,000 property is only taxed on $105,000.

$300,000 x .35 = $105,000

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