How does the Auditor's Office determine property values?
The Lucas County Auditor employs professional appraisers with decades of combined private and mass appraisal experience, who follow International Association of Assessing Officers (IAAO) Mass Appraisal standards to establish property values.
How do mass appraisals work?
1
Data Collection
During the data collection phase, property characteristics such as condition, additions or demolitions, and other information is updated. It is important that this information is accurate, as all the next steps are dependent on accurate data.
2
Market Analysis
There are hundreds of sales every month in Lucas County. During the sales analysis phase, the Auditor's staff determines which sales are valid arms-length sales between a willing buyer and a willing seller. Sales between family members or that are made under duress are not considered valid sales.
3
Model Development
Property valuation may also require the Auditor's staff to use advanced models and techniques, including the cost and income approaches, to determine a property's value. These statistical models are generated with computer assistance.
4
Property Inspection
Site visits, photographs and updated aerial imagery are used to inspect properties to ensure that the characteristics are accurate. Sudden changes in value may occur if changes are noted at once - such as demolition of a building or new buildings added.
5
Value Estimation
Based on market area sales and a property's factors, property values are generated. These values are then analyzed within a market area to determine that there are not large outliers in valuation. Some equalization may occur. Property value estimates are then submitted to the State of Ohio Department of Taxation for final approval.
What is the difference between mass appraisal and a "normal" appraisal?
The Lucas County Auditor's Office determines property values at a mass appraisal level. What this means is that property values are calculated for tax purposes and many factors at a mass scale are used.
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A "normal" appraisal that most people have done on their property is known as an independent fee appraisal. This is typically performed based on the interior and exterior characteristics of a property, and involves looking at recent sales in the area. Because the hired appraiser knows the property and area intimately, they typically provide three comparable recent sales, with addition and subtraction valuation factors for individual characteristics.
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Mass appraisals do not look at properties this intimately. When mass appraisals occur, there are not three specific sales in the market area that are looked at with individual analysis. Instead, factors for all properties are updated and based on sales ratio studies over a period of several years. Properties are looked at on a "neighborhood" or "market area" level, where equalization is considered based on sections of a city or township.