OCCH provides this Affordable Housing Valuation Calculator as a resource for owners and managers of affordable housing properties in Ohio.

The calculator is designed to closely align with the provisions outlined in Ohio Revised Code (O.R.C.) Sections 5713.03, 5713.031, and 5715.01, as well as the corresponding administrative rule 5703-25-20: Procedure for Valuation of Federally Subsidized Residential Rental Property. Source documents referenced in these regulations are available for download on this site.

In accordance with the legislation cited above, this calculator applies to the following types of affordable housing properties (or any combination thereof):

Owners of properties meeting the criteria above must submit the required information by March 1 of each year in which Ohio Revised Code section 5715.24 applies to the county where the property is located. This applies during reappraisal years (every six years) and triennial update years (the third year after a reappraisal). To determine which counties are subject to valuation this year, refer to the OTAX Listing of Counties by Year (link below). NOTE: Review the OTAX Administrative Rule and the Ohio Housing Council FAQ for guidance on newly constructed or rehabilitated properties, as their reporting requirements may differ.

The OCCH calculator will be updated each year to reflect the newly announced capitalization rate. In accordance with the statute, the published rate is reduced by one percentage point, and then a "tax additur" is applied to account for the millage rate specific to the property's location. Ohio Revised Code (O.R.C.) 5713.031(E)(4)(c) requires the use of a "market-appropriate, uniform capitalization rate," which is published annually in January by the Tax Commissioner of the State of Ohio. For 2026, the Tax Commissioner for the State of Ohio has established the capitalization rate for multifamily apartments at 8.1%.

The valuation methodology outlined in the statute assumes that operating expenses—excluding real estate taxes, project-paid utilities, required reserve payments, depreciation, and amortization—are calculated at 48% of the property's operating income. In addition, the statute prescribes other "presumptive amounts" for items such as bad debt, vacancy, and required reserve deposits, all calculated as a various percentages of gross rent potential.

If the actual operating performance for the subject property differs from these calculated values, O.R.C. 5713.031(E)(4)(b) provides that "these presumptive amounts may be exceeded with evidence demonstrating the actual expenses of the property." In other words, owners may present supporting documentation to the County Auditor to advocate for alternative values beyond the statutory presumptions.

This calculator is designed to accommodate such scenarios, allowing owners to input and propose values that differ from the default presumptive amounts.

Instructions:

• Complete the form below after indicating Yes (Y) or No (N) if you know the effective millage rate for the property's location.
• Provide actual operating data for the past three years. If the property was not operational during any of those years, enter pro forma (or budget) values for the periods where actual data is unavailable.
• Once the form is complete, click Calculate. The calculator will generate a valuation based on the most recent reporting year as the foundation for the valuation calculation.
• If you wish to challenge any of the presumptive amounts displayed, enter your proposed values in the appropriate fields and click Re-Calculate. This will produce an alternate valuation that reflects the owner's adjustments representing the owner's proposed valuation.
• Click the 'Download Valuation Summary' button to print a one-page summary.

Reference Documents: