
Property Taxes Finally Online
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- Posts: 57
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Property Taxes Finally Online
Amazing how my house value went up 58% (common house on a common street), but our former mayor's went up 4.5% (and as a result, tax bill actually went down). 

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- Posts: 57
- Joined: Sun Sep 13, 2015 9:44 pm
Re: Property Taxes Finally Online
Many "irregularities" to be found:
I personally sold a large multi-family property in eastern Lakewood for $540,000 in an arm's length transaction in late 2021. That property was re-sold in 2023 for $850,000. However, the new assessed value is only $287,300. This is about the same value as a typical Lakewood house on a typical Lakewood street.
According to Ohio Revised Code Section 5713.03, "[i]n determining the true value of any tract, lot, or parcel of real estate under this section, if such tract, lot, or parcel has been the subject of an arm's length sale between a willing seller and a willing buyer within a reasonable length of time, either before or after the tax lien date, the auditor may consider the sale price of such tract, lot, or parcel to be the true value for taxation purposes."
Can anyone explain this? This is not an isolated example.
I personally sold a large multi-family property in eastern Lakewood for $540,000 in an arm's length transaction in late 2021. That property was re-sold in 2023 for $850,000. However, the new assessed value is only $287,300. This is about the same value as a typical Lakewood house on a typical Lakewood street.
According to Ohio Revised Code Section 5713.03, "[i]n determining the true value of any tract, lot, or parcel of real estate under this section, if such tract, lot, or parcel has been the subject of an arm's length sale between a willing seller and a willing buyer within a reasonable length of time, either before or after the tax lien date, the auditor may consider the sale price of such tract, lot, or parcel to be the true value for taxation purposes."
Can anyone explain this? This is not an isolated example.
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