Franklin County property owners will have fresh valuations this summer, when the Auditor's Office wraps up its triennial update.
Auditor Clarence Mingo said his office is in the midst of reviewing market data on 438,000 properties -- residential, commercial, industrial and agricultural.
It is a different process than the reappraisal, also held every three years, which involves physical inspection of the exterior of most properties in the county.
"It's still a challenge," Mingo said of the triennial update, "because we're looking at sales neighborhood by neighborhood, street by street, and we're making adjustments neighborhood by neighborhood, street by street."
There's a difference between market value and the appraised value listed by the Auditor's Office, which uses the valuation for tax purposes.
The office will host town hall meetings throughout the county at the end of June and in early July, when valuation numbers become more clear.
Property owners will receive their new tentative values in August. From Aug. 25 through Sept. 25, property owners will have an informal opportunity to contest the auditor's valuation.
The office will decide within 60 days if any adjustments are necessary, Mingo said. Further protests from property owners can be made through the Board of Revision.
On a related note, the Board of Revision filing period ended March 31 with about 4,400 complaints, a 20-percent decrease in the number of property value challenges from the previous year.
There were 5,270 complaints in 2012 and 11,385 in 2011, following the three-year reappraisal. Mingo said most of those were from commercial property owners.
Whereas home property values fell, those of commercial properties -- or rental properties -- increased dramatically, he said.
Mingo said the market is simply correcting itself. Between 2005 and 2008, property values remained unchanged under then county auditor Joe Testa.
"I think that's why in 2011 there was such a shock in values dropping," Mingo said.