CINCINNATI (WXIX) -A realtor is offering advice to Ohio residents on how to handle the increased property tax payments they are experiencing.
Dannel Shepard, a realtor with the LAZO Group at Re/Max, stresses the significance of having an escrow account to avoid losing one’s home.
“If you have a settlement statement, if you recently bought or you can take your recent appraised value and go to the county—you can actually go to quote on quote to say ‘hey what happened and why’ even though they try to give you the explanation for it, but there’s ways you can try to protect yourself if you feel like man this is way too much,” Shepard said.
Increased property taxes indicate a rise in home value and equity. It is recommended to speak to a lender to explore options such as a Home Equity Line of Credit (HELOC).
Shepard suggests that homeowners can always have their monthly bills appraised if they suspect any discrepancies, but it will cost at least a couple of hundred dollars.
“You can have an appraisal and that information you can take to them and say, ‘Hey, here’s the true appraisal value of my house. Let’s work on this number here,’” Shepard said.
Several homeowners in Walnut Hills said they have seen their property taxes increase by 500 percent while residents in Butler County are expected to see an increase by at least 40% starting in February.
Besides Butler and Hamilton Counties, only two other counties were recommended to increase by 40% or more: Clermont (43%) and Knox (40%).
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