If your property isn’t valued properly on the triennial update, you can contest it.
The triennial update is a three-year update of property valuations. The Franklin County auditor is required to do a six-year update, as well as one at the midway point (every three years).
You’ll get a notice in the mail, or you can go to the Franklin County auditor’s website to find the update. It will show you what they feel is the new valuation on your product. If you don’t feel that the valuation you find on your triennial update is where your property value actually is, then you can contest the valuation.
To contest it, you’ll need to provide the auditor with comparable sales that demonstrate what the value should be. With social distancing at the forefront of most people’s minds, you can try to meet with the auditor remotely, like over a Zoom call, if meeting in person isn’t an option. Contesting your valuation will have an impact on your property taxes which will be reflected in your mortgage statement (if applicable).
If you need assistance with putting those comparable sales together to contest your valuation, I can help. I’ve successfully done it before myself, and I ended up having my own property taxes reduced. Don’t hesitate to reach out to me with any questions you may have.