Real Estate Glossary of Terms

County Auditor’s determination of property’s potential selling price on the open market.

Used for tax calculations, assessed value is equal to 35% of appraised value.

Current Agricultural Use Value- Program allows tracts of 10 acres or more that are being used for commercial agriculture to be valued at a lower rate for tax purposes. Tracts smaller than 10 acres qualify if the owner can prove at least $2,500 in average gross income from the previous years. CAUV land is assigned a value according to soil type instead of standard real estate factors, such as recent sale prices of similar properties.

Dollar amount a property would sell for, between a willing seller and a willing buyer. Also known as true value.

Property tax reduction given to senior citizens (65 and older) or permanently disabled homeowners.

A 10% property tax reduction given on residential (up to a 3 family) parcels. Schools and other agencies are reimbursed by the state for all rollback amounts.

Charges are based directly on costs of specific services, such as street light rental. The County Auditor and Treasurer act as billing and collection agents only.

An additional 2.5% property tax reduction given on a homeowner’s primary residence. Each property owner is eligible to receive the supplemental rollback on only one home in Ohio.

Is comprised of a unique set of political subdivisions determined by county, municipality, school district, township boundaries, library, and vocational school district

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