Real Estate Sales Ratios, By Class of Property and by
Calendar Year 2007
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
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 transferred 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
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 is the
amount by which the sales price of the property exceeds its
reappraised or updated value.
The attached tables show a summary of sales ratios and
numbers of sales for the four classes of property:
agricultural, industrial, commercial and residential.
Counties were either reappraised or updated in the years 2005
through 2007. 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 2007 (I/2007) included
56,796 property transfers, of which 53,124 were residential
property transfers. The statewide assessment ratio (for sales
of all classes of property) was 31.39.
The survey for the second half of 2007 (II/2007) included
54,471 property transfers, of which 51,007 were residential
property transfers. The statewide assessment ratio (for
sales of all classes of property) was 31.78.