What is a Triennial Update?
A Triennial Update is ordered by the State Tax Commissioner to take place three years after the most recent Revaluation. It is the a study and analysis of real estate sales that has taken place during those three years prior to the update. As the name indicates, this program is to assist the County Auditor in updating the real estate market values.
How are market values developed?
The County Auditor with the assistance of a mass appraisal company performs an extensive sales analysis of each property class (commercial, industrial, residential and agricultural properties) along with the different taxing districts within our county. If the study shows that property values do not meet the current market prices, the values are adjusted for those properties so they will meet current market prices. Adjustments made during the 2019 Triennial Update are base on arms length sales that have occurred in the county from January 1, 2016 thru December 31, 2018. Depending on your taxing district, your tax bill may have increased or decreased due to the following factors: Current Agricultural Use Values (CAUV) decreased on average 24% with Residential values increasing on average 9% per the Department of Taxation. If you have further questions, please call the Auditor's Office at 419-399-8205.