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More Definitions on What We Do
Friday, October 9, 2015

Continuing from September’s post, if you aren’t in the assessing industry, terms that are commonly thrown around may sound like a foreign language. Though the roles of assessors and appraisers do vary, both have a similar (if not the same) vocabulary when conducting services and carrying out their roles. To understand appraisal services jargon like a pro, or if you’re simply more curious about the industry, the book of knowledge is opened below to help during an upcoming assessment or appraisal.

      Triennial Updates
Though the English language borrows rules and spellings from other languages, it’s easy to presume triennial updates are updates that occur every three _____. As we’re the ones telling you the definitions, you may not know when these third updates are. In the state of Ohio, appraisals are every third year. Triennial updates take place on the third year in between sexennial reappraisals. During this third year, assessors or a county auditor perform an analysis of property sales that happened in those three years.

•      Sexennial Reappraisal
As the definition of triennial updates has already been answered, determining what a sexennial reappraisal is may be slightly easier. In the great state of Ohio, a full general reappraisal must be completed every six years. If the county auditor doesn’t complete the sexennial reappraisal, a qualified appraiser can complete the process. Whether it is an auditor or professional appraiser who conducts the reappraisal, every property in the county must be viewed and assessed.

The parameters of various appraisal services vary on requirements from state to state.

Other than residential properties being bought and sold, why does Ohio call for a sexennial reappraisal with a triennial update in between? For an auditor, he or she needs to regularly maintain all the properties that were assessed, as they may have changed, or a recent appraisal may have assessed these properties were no longer at their market fair value. The reasons these changes occur? Several reasons, however, the most common tend to be new construction, a change in the size or shape of the land, demolition, or damage to a property. However, Ohio calls for sexennial reappraisals and triennial updates, other appraisal mandates vary from state to state.

To see the complete list of services our appraisers and assessors conduct, click here. Don't worry; if you need definitions on terms or phrases we haven't elaborated on in this post, we're happy to explain.





 
 
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