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What is the Difference Between the Sexennial and Triennial Appraisals?
Sunday, April 17, 2016

Lexur Appraisal performs both sexennial appraisals (we offer a traditional approach as well as VDV and joint efforts) and triennial updates (for neighborhoods, sales validation, and radio studies). But what, essentially, is the difference?

The term “sexennial” reveals the frequency of this type of appraisal. In Ohio, county auditors are required to do a full general reappraisal every six years. This process involves viewing and appraising every property in the county. From start to finish, the process takes approximately two-and-a-half years for a county the size of Franklin.

Triennial appraisals also give away their frequency in the name: every third year between sexennial appraisals, county auditors are required to perform a statistical analysis of sales from the three years prior and adjust values by the resulting percentages of all properties in each given marketing neighborhood. In addition, adjustments made at the triennial appraisal are stratified according to value of the property in order to insure equitability of the valuations is maintained or corrected based on analysis of comparable sales.

Beyond these two mandated appraisals, auditors are also required to appraise or reappraise properties that have had significant changes to their value—most commonly new construction, changes to landholding, or demolition of the property—or are for some reason no longer appraising at their fair market value.

To find out how Lexur Appraisal could help your business, to learn more about our Virtual Data Verification system or for assistance with traditional appraisal needs, contact us today at info@lexurappraisal.com or sales@lexurappraisal.com or give us a call at 614-426-4122.

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