Editor's note: Assessment values for the residential property taxes will increase on average 38 percent. The story corrects an error from a previous version of the story.

Every six years, all property owners in Mahoning County have the value of their homes, businesses and property reassessed for current value.

Mahoning County Auditor Ralph Meacham stated that his office;s job to hire a team to review each parcel in the county, and assess the value based on fair market value, based on analysis of valid sales of comparable properties in similar neighborhoods, resulting in the market value being placed on the property. 

According to the auditor, Ohio law defines fair market value as the price a property would likely sell for in the open market. The auditor said the property is then taxed at the assessed value, which is 35 percent of the fair market value.

Meachum said that on average, residential homeowners will see the assessment value increase by 38 percent based on the increased home values around the county.

The auditor said there are 62 tax districts in the county, and each is assessed and then once finalized, is sent to the state for review. The state has approved his tentative assessment done by the auditor's staff this year.

The tentative values do not include any adjustments for new Current Agricultural Use Value/soil values, new construction, demolition, splits or plats, or any Board of Revision decisions. These adjustments will be included in the Final Abstract sent to the Tax Commissioner of the State of Ohio by November.

The new property tax amounts will be available by no late December to mid-January Meachum said.

Property owners can see new tentative property values by logging onto the Auditor's page on Mahoning County's web site, or by calling the Reappraisal Hotline at 330-740-2758.

Property owners should be aware that an increase or decrease in property value does not mean there will be an equal increase or decrease in property taxes.

The Auditor will hold informal review sessions in October, and if warranted November, for property owners who wish to speak to an appraiser regarding their new tentative value. Owners can schedule one of these sessions through the Auditor's website or by calling the Reappraisal Hotline, and the meeting can be done online or through a phone call.