Tax Data Series

Real Property

Real Estate Sales Ratios
By Class of Property and by County, Calendar Year 2003

Under state law and Ohio Department of Taxation rules, real property in all counties is reappraised at 100 percent of market value every six years and updated the third year after each reappraisal. Thirty-five percent of the market value represents the assessed or taxable valuation of real property.

In order to verify that real property is being assessed at or close to 35 percent of market value, the Department of Taxation surveys real property transfers in each of Ohio's 88 counties. Sales ratios are calculated by dividing the total assessed (taxable) value of the transferred properties by the total consideration (sales price) paid for those properties.

The resulting ratio shows the average taxable value as a percent of the average sales price for each class of property. The lower the ratio, the greater the amount by which the sales price of the property exceeds its true or market value.

The attached two tables show a summary of sales ratios and the total number of sales for four types of property: agricultural, industrial, commercial and residential.  These tables do not include property transfers that would make the ratios unrepresentative of sales activity in the area.

The survey for the first six months of 2003 (I/2003) included 65,782 property transfers, of which 62,151 were residential property transfers. The statewide assessment ratio (for sales of all types of property) was 30.84. Industrial property transfers had the highest statewide ratio (32.92) while agricultural property transfers had the lowest statewide ratio (28.40).

The survey for the second half of 2003 (II/2003) included 81,605 property transfers, of which 62,151 were residential property transfers. The statewide assessment ratio (for sales of all classes of property) was 30.37. Industrial property transfers had the highest statewide ratio (33.78) while agricultural property transfers had the lowest statewide ratio (27.48).

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