Here is a short Video regarding How Values and Taxes are determined, It was done by Michael E. Kovack the Medina County Auditor and the basic information presents is good. Below you will find some links that may assist you in filing a request for review of you Taxes and Tax Value according to county records. Please watch it then continue to the links below to determine if your property is valued correctly with Lorain County and if you are paying more taxes than necessary.
An protests or requests for lower your Property Values in Cuyahoga County must be filed between 1/1/2009 and 3/31/2009.
Here is the link in Lorain County Records to start the process of disputing the Tax Value on a property. http://www.loraincounty.com/auditor/real-estate-taxes/board-of-revision.shtml
Prior to filing a protest they should look on the auditors site to see what value the property is being taxed at. Here is a link to that site. You can search the county records here. http://oh-lorain-auditor.governmaxa.com/propertymax/agency/oh-lorain-auditor/ohlorain_homepage.asp
With the decline in property values we have seen recently, any homeowners or buyers might be able to save some money on their taxes by filing for a correction of counties tax values.
Because of the limited window to file the requests (3/31/2009) I suggest that you look at the County valuations and it if is above what the current market justifies, file a request for reconsideration.
Also any homeowners that are considering refinancing may want to determine if refinancing makes sense, There are many calculators available to do the math for you, Here is one that I have that gives you the basics and does calculations based upon how long you expect to remain in the home. http://www.lenderbradford.com/RefinaceCalculator I also welcome phone calls from Northern Ohio owners to assist them in determining if refinancing makes financial sense.
I also encourage all Realtors to share this with their clients.