Real Property
Real Estate Sales Ratios
By Class of Property and by County, Calendar Year
1994
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 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
properties.
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 1992
through 1994. These tables do not include property transfers
which would make the ratios unrepresentative of sales
activity in the area.
The survey, for the first six months of 1994, included 72,545
property transfers of which 68,513 were residential property
transfers. The statewide assessment ratio (for sales of all
classes of property) was 30.29. Industrial property transfers
had the highest statewide ratio of 32.05 while agricultural
property transfers had the lowest statewide ratio of 28.44.
The survey, for the second half of 1994, included 68,921
property transfers of which 64,967 were residential property
transfers. The statewide assessment ratio (for sales of all
classes of property) was 29.65. Commercial property transfers
had the highest statewide ratio of 31.22 while agricultural
property transfers had the lowest statewide ratio of 27.31.