Madison County Democrat. (London, Ohio) 19??-1958, 1952-03-21
ReappraisaI Of Real Estate
In Madison County Studied

Madison county real estate is
under consideration following
meeting, of the county auditors
and a commissioner with the
State Board of Tax Appeals in
Columbus Tuesday.
Attending the meeting from
Madison county were Auditor
F. r. Hanson, Deputy Auditor
w. H. Culpeper and Commits
sioner Rodger B. Baker.
The Board of Tax Appeals is
conducting meetings with Off
cials of two counties of the state
each day to consider the assessed
valuation of real property In the
respective counties for the 1852
tax list and duplicate, the base to
be used for assessing taxes col
lected in the calendar year 1858.
The discussions with the audi
tors of each county are being
conducted prior to the time the
auditors correct and compile the
1852 tax lists and duplicates.
The board by act of the legis-
lature is authorized to order a
reassessment of the real property
in any district or subdivision
when in its opinion such property
has been unequally or improperly
assessed.
Madison county's last appraisal
i'm 1949 is today held unsatisfac-
tory in some respects.
Ferd F. Becker, Division OF
County Affairs, in statement to
the county auditor said. Failure
of county auditors to comply with
the recommendations and orders
of the Board of Tax Appeal in
regard to the aggregate tax val
uations in their counties will re-
suit in Withholding of 500 of
the share of the state revenues
provided for distribution to local
government-and to schools"
The state Board of Tax Appeals
has two methods of investigating
assessed valuations ard has de-
cided to rely mainly upon the sec
ond,-'"The Sales Ratio Data Met
hod," according to information
provided county officials,
l. LIMITED FIELD SURVEY
METHOD.
BY this method spot appraisals
of individual parcels of real prop
erty are made by competent ap-
praiSer for the purpose Of checking
the assessors valuations. This
method has two very definite linn
itations. First-the cost of making
sample appraisals of parcels in
each taxing district. Sccond-thc
use of standardized technical
method Of valuing real property
furnishes no definite and conclus-
i've proof of value and is only re-
liable to the extent Of the ap-
praiser's qualifications, l. c., train
ing, experience and judgment.
Due to the high cost of actual ap-
pfaisals made by experts of Sc
lected individual properties and
parcels of real property. the study
is very limited.
2. SALES RATIO DATA
METHOD.
Briefly, this method consists of
determining the relation or ratio
OF the assessed valuation of par
GELS of real property 10 the sales
consideration Of real property
bought and sold. The results OF
this system are tested by conpar-
ing the assessed valuation with
market valuation of some definite
and specific period, and tests the
assessors valuation by the values
placed upon the properties by buy
ers and sellers. The ratio study
system is most effective during a
so-called normal period when buy
ers and sellers arc not acting UNI
der either depression or boom con-
ditions. The sales ratio method has
the decided advantage Of furnish
ing information in regard to a
large number of assessed values
and sales considerations at far
lesser cost than actual surveys or
appraisals.