How Ohio Property Taxes Actually Work, and What the 2026 Update Means

Homeowner reviewing a county property tax bill beside a laptop.

Ohio taxes 35% of a home's appraised value at local voted rates. Franklin County's 2026 update averaged about 9% for homes and will affect 2027 bills, and the homestead exemption requires an application by December 31, 2026.

Property taxes are one of the biggest surprises for people moving to or within Ohio. The system works differently than in many states, the numbers on a listing can be misleading, and a big jump in your home's value doesn't automatically mean a big jump in your bill.

Whether you're relocating to Central Ohio or rightsizing within it, here's how the system works and what's happening right now in Franklin County.

How Are Ohio Property Taxes Calculated?

Ohio property owners pay tax on 35% of their property's appraised value, multiplied by the effective tax rate of voted levies, according to the Franklin County Auditor. That 35% figure is called the assessed value, and tax rates are expressed in mills, where one mill equals $1 of tax for every $1,000 of assessed value.

Here's a simple illustration using arithmetic only. A home appraised at $400,000 has an assessed value of $140,000. Each 10 mills of effective rate adds $1,400 a year to the bill. Actual effective rates vary by school district, municipality, and the levies voters have approved, so the real number depends on the specific address. The most reliable source is the property's current tax bill from the county treasurer.

That's also why two homes with similar prices can carry very different tax bills, and why it's worth asking for the most recent tax bill when you're comparing homes in different districts.

What Is Happening With Franklin County Values in 2026?

Ohio counties reappraise every six years and update values at the three-year midpoint. Franklin County's last full reappraisal was 2023, and 2026 is the triennial update year, as the Auditor's office explains. This update doesn't involve an exterior inspection of every parcel; it relies on recent arm's-length sales to reflect the current market.

According to the Auditor's 2026 triennial guide, tentative values went out in June, informal review sessions ran July through September, and values are finalized in December 2026. Axios Columbus reported a tentative average increase of 9% for residential properties, with the highest increases in the Bexley school district at 14%, New Albany-Plain at 12%, and Grandview Heights at 11%. The new values affect tax calculations beginning in 2027, not this year's bill. A local law firm also notes that, because of a procedural change at the Ohio Department of Taxation, these values could remain in place for four years, until 2030.

Other Central Ohio counties run on their own schedules, so if you're looking outside Franklin County, check that county auditor's timeline.

Does a Higher Home Value Mean a Higher Tax Bill?

Not by the same percentage. Axios noted that a higher value doesn't necessarily mean property taxes rise at the same rate, because Ohio law limits how much voted levies can collect and tax rates are sometimes reduced when values rise. How much any one owner pays depends partly on how their value changed relative to others in the same taxing district.

In practice, that means a home whose value rose faster than its neighbors' may see a bigger increase than average, while one that rose less may see a smaller one. It also means that levies voters approve, such as school levies, matter as much as the appraisal itself.

The informal review window for the 2026 values has closed, but property owners who still disagree with a value generally have the option of a formal complaint with the county Board of Revision, which typically must be filed by March 31 of the following year. Confirm the deadline and process with your county auditor.

What Is the Homestead Exemption, and Who Qualifies?

It's a property tax reduction for qualifying owner-occupants who are at least 65, or permanently and totally disabled. County auditors in Summit and Geauga counties describe the 2026 program this way: the exemption shields the first $29,000 of a home's market value from local property tax, and new applicants must be 65 by December 31, 2026 and have household income under $41,000 based on 2025 Ohio adjusted gross income. Owners who were enrolled before the program became income-tested are grandfathered.

The applicant must own the home and occupy it as a primary residence, and an application is required. The filing deadline for real property is December 31 of the year the exemption is sought. Amounts and income limits adjust over time, so confirm current figures with your county auditor.

For anyone selling and buying, one detail matters: the exemption is tied to the home you own and live in. If you move, you generally need to apply again for the new home rather than expecting the benefit to follow you, and it's worth asking the auditor how timing works.

How Should You Use This When Comparing Homes?

A few practical steps help. Look at the actual tax bill for each home, not just the price. Check which school district and municipality a property sits in, since voted levies differ. Ask how recent value updates have affected the tax picture. And if a property currently benefits from an exemption, ask how the bill would look without it, because exemptions are tied to the current owner and don't automatically transfer to a buyer.

Tax questions are individual, so a tax professional or the county auditor's office is the best place to confirm how any of this applies to your situation.

Frequently Asked Questions

How are Ohio property taxes calculated?

Ohio taxes 35% of a property's appraised value, called the assessed value, multiplied by the effective rate of voted levies, which is expressed in mills. One mill equals $1 of tax per $1,000 of assessed value.

Will the 2026 Franklin County update raise my property taxes?

It can affect them, but not by the same percentage as your value change. Tentative residential values averaged about 9% higher, based on recent sales, and they affect tax calculations beginning in 2027. Ohio law limits levy collections, so tax rates can adjust.

When do the new Franklin County values take effect?

Values are scheduled to be finalized in December 2026 after informal reviews ran July through September, and they affect tax calculations beginning in 2027, according to the Franklin County Auditor's guide.

Who qualifies for Ohio's homestead exemption in 2026?

Owner-occupants who are at least 65 by December 31, 2026, or permanently and totally disabled, with income under $41,000 for new applicants, may qualify for a reduction on the first $29,000 of market value. An application is required by December 31, 2026.

Does the homestead exemption transfer when I move?

Generally no. It applies to the home you own and occupy as your primary residence, so you typically apply again for a new home. Confirm timing and requirements with your county auditor.

If you're comparing homes across different Central Ohio districts and want help reading the tax picture alongside the price, I'm always happy to walk through it with you.

This content is provided for informational purposes only and does not constitute legal or financial advice. All real estate services are provided in compliance with Fair Housing laws, RESPA, TCPA, the REALTOR® Code of Ethics, and Ohio Real Estate Commission advertising regulations. Equal Housing Opportunity. Chrisi Hagan, Collins Lassiter Group, Red 1 Realty.