Newsflash: [OHIO] – County Auditor assessed value of my house well below what I believe to be market value. Should I contest it?

In the State of Ohio, the county auditor is required to asses property value every six years with a “soft” assesment every three years. I got a letter yesterday for the six year appraisal saying my property value was about 20% less than what I paid for it at the end of 2009.The Auditor is suggesting that my home has lost value in the past 7 years and is worth less than it was during the era that home sales were so bad that the government was giving no-strings-attached free money to buy a house. Comps in my area over the past year have sold for about 20% more than my purchase price in 2009. So, there’s about a 40% difference in what the auditor valued my house at and what I believe it should be at.Should I care? Should I keep my mouth shut and consider it a blessing that will allow me to pay less in taxes for a few years? Can this have an effect on my mortgage or insurance?I don’t plan on moving/selling any time soon. I’m mid-way through a couple of minor renovations that will probably linger for the next few months, so I assume that would hurt my case if I get it appraised right now and the value gets locked in at the end of next month.

Read more at https://www.reddit.com/r/RealEstate/comments/6itl0o/ohio_county_auditor_assessed_value_of_my_house/?utm_source=ifttt

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