ST. CLAIRSVILLE — Belmont County Auditor Cindi L. Henry announced that tentative property values for the 2024 Reappraisal are now available for review after being approved by the Ohio Department of Taxation, Tax Equalization Division.

According to Ohio law, the auditor is required to review and update the values of every parcel in the county at least once every six years. This process is called a reappraisal.

Additionally, at the midpoint (third year) of the six-year cycle, the auditor is required to analyze sales of similar properties that have occurred in the county. This analysis of sales is known as a Triennial Update. For tax year 2024, Belmont County is undergoing a reappraisal, and the new values will be used to calculate taxes payable in 2025.

By utilizing expert tools and analysis, the auditor can precisely understand how the housing market is affecting current home values. This procedure depends on analyzing all valid real estate sales, which is a crucial factor in determining the overall value of each property. The Ohio Revised Code, the Ohio Administrative Code, and the mandates from the State Tax Commissioner provide guidelines for this process. For valuation, the state suggests a target increase reflecting the valid real estate sales in the county over the last three years.

The value of the real estate market depends on the number of valid home sales. Due to lower interest rates from a few years ago and limited inventory, people are unwilling to leave these low rates, resulting in another surge in high sales prices. This trend has created a “seller’s market,” where homes are purchased for more than their established market value. Consequently, all other similar properties will be adjusted to reflect what the market dictates. The old saying “a rising tide lifts all boats” applies here, as real estate sales exceed the listed market value.

Henry is dedicated to ensuring that taxpayers understand their new property valuation. To facilitate this, she is offering informal value reviews online, by phone and in person. In the coming weeks, a postcard with additional information on this review process will be mailed to all taxpayers.

From Sept. 9-14 , appraisal staff will be available by appointment only for both in-person meetings and phone consultations. To schedule an appointment, visit belmontcountyauditor.org.