Tax Data Series

REAL PROPERTY: Sales Ratios of Real Property by Class of Property and County, Calendar Year 2016

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 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 2014 through 2016, these are referred to as groups at the end of each report. 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 2016 (I/2016):

  • Property transfers totaled 63,167, of which 59,511 or 94.2% were residential property transfers. Compared to the first half of 2015, these results represent an increase of 9.0% in total property sales.
  • The statewide assessment ratio (for sales of all classes of property) was 30.30 percent.

The survey for the second half of 2016 (II/2016):

  • Property transfers totaled 71,890, of which 68,229 or 94.9% were residential property transfers. Compared to the second half of 2015, these results represent an increase of 6.0% in total property sales.
  • The statewide assessment ratio (for sales of all classes of property) was 29.58 percent.