From WOOD COUNTY AUDITOR
The Ohio Department of Taxation’s Division of Tax Equalization has officially approved Wood County’s property values for Tax Year 2026 (payable in 2027), Matthew Oestreich, Wood County Auditor, has announced. Property owners may review their updated values at https://auditor.co.wood.oh.us/ by searching their name, address, or parcel number.
Owners who believe their property value is inaccurate may file a complaint with the Board of Revision starting Jan. 1, 2027. Required forms and instructions are available at https://auditor.co.wood.oh.us/forms/. While residential property assessments rely on robust, publicly recorded sales data, accurately assessing commercial property presents a unique and growing challenge across the state. A primary driver of this difficulty is a common structural practice in commercial real estate transactions under current Ohio law.
Frequently, commercial properties are held within a Limited Liability Company (LLC). When the property changes hands, the owner sells their interest in the LLC rather than executing a direct sale of the physical real estate. Because the property deed does not change hands or get recorded at the county office, no conveyance fees are collected and the sale price remains private.
Ordinarily, the price paid by a willing buyer to a willing seller is the most reliable data point for
determining fair market value.
Without access to these transaction amounts, county auditors face significant limitations. To illustrate this challenge, Wood County had only 39 recorded commercial sales available for analysis during the 2026 triennial update. While the County Auditors Association has strongly advocated for legislative updates to address this data gap, the statutory framework remains unchanged at this time.
To overcome these limitations and fulfill the mandate of accurate valuation, Wood County is taking a proactive, alternative approach. With the approval and encouragement of the Department of Taxation’s Division of Tax Equalization, the Wood County Auditor’s office will soon launch a new initiative utilizing an income approach to commercial valuation. The county will collect income and expense data directly from commercial businesses to calculate fair values. These figures will be compared to current assessments to determine if adjustments are warranted for Tax Year 2027 (payable in 2028).
“Adjustments to commercial values may or may not be needed, but this project will provide important data for a comprehensive review,” said Wood County Auditor Matthew Oestreich. “We look forward to continuing our dialogue with state lawmakers to address the LLC transfer process and modernize the system, which would help level the playing field for all commercial properties. In the meantime, our office will continue to innovate locally to ensure that Wood County’s property values are equitable, accurate, and transparent.”
