The Lucas County Auditor maintains the website Lucas County AREIS that we all use to see real estate details and transaction history. They are responsible to adjust the value of real estate as the market moves upward or downward. Every three years we have a minor valuation known as a “Tri-annual Review” and every 6 years the Auditor must officially revalue all properties in the county. This form signifies the 6-year review and value increase.
This video discusses what the increase in value means for your portfolio, what opportunity you have to potentially dispute the increase, and how this will not affect your right to later request a formal Board Of Revision hearing.
Action Item: File a Property Value Review at: smartfile.co.lucas.oh.us/smartfile or call the Auditor’s Office at (419)213-4406 before October 11, 2024.
Toledo real estate has increased by 36.9% over the past 5 years so you will most likely see a sizable increase in your value. (The 10.7% must be year over year; the number isn’t right). Property valuation is an important cycle of long-term real estate investment. Please reach out to LaPlante if you have any questions!
Resource:
Lucas County & Toledo Median Sales Prices: https://noris.stats.showingtime.com/infoserv/s-v1/IRwL-TYk
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