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Home > Blogs > Butler County News and Issues > Archives > 2008 > July > 23 > Entry
It’s not worth as much, but your home’s value may go up
Butler County Auditor Roger Reynolds is sending new property value numbers to the state this week. It’s going to be a hard sell for homeowners.
This is because the taxable value of homes across the county could go up 6 percent auditor’s office officials say. Meanwhile, home values are dropping.
This is because the assessment is conducted every three years, so it compares current home values to 2005 values. And while homeowners have recently watched their home values plummet, they’re generally higher than they were in 2005.
This is only a taste of the confusing process that determines appraised home values. Now it’s up to Reynolds to explain that to homeowners when they get their notice.
He’s hoping this video helps:
Once Reynolds sends the new numbers to the state, he then has to get the Ohio Department of Taxation to sign off on it. Here’s a story I wrote in February on that process:
HAMILTON — In essence: You do it your way, we’ll do it ours. Then we’ll talk.
That was the Ohio Department of Taxation’s response to the question of whether the Butler County Auditor’s Office can use a different formula in valuing property after the recent boom and bust market.
The response came in a letter to Butler County Real Estate Director Michael Tilton from Shelley Wilson, administrator of the state’s Tax Equalization Division.
This follows appeals from the Butler County commission, county sheriff, county auditor and other local officials, who all asked the state to modify its formula.
“I don’t think anywhere in the letter did it say that they would do anything different, but they said that we could,” Tilton said.
The main difference, which Tilton said could result in a couple of percentage points difference in taxable property values, is that the county will count post-foreclosure bank sales. Officials said these sales often are for far less than market value, so aren’t accurate indicators of value. “I think they’re expecting us to turn in values lower than they’re expecting,” Tilton said. “That’s where we’ll have to argue with the state over their figures.”
With foreclosure rates skyrocketing, County Auditor Kay Rogers believes not counting bank foreclosures could lead to an unfair tax hike, as property taxes are tied to values.
The county and state do agree, though, on which years to count. Instead of discounting the first half of the last three years, as initially proposed, the county will include everything, but give more weight to recent sales.
Wilson said this is what the state has always done. “Our system is more like what Butler County wants to do than I think they initially understood,” she said.
Rogers conducts assessments every three years. The Department of Taxation compares her findings to their own numbers, based on sales over those three years, to decide whether the county’s numbers are accurate.
How do you feel about the recent housing trend?
Permalink | Comments (13) | Post your comment | Categories: County Auditor
Comments
By Bob
July 23, 2008 12:22 PM | Link to this
I was at a meeting earlier this year where Kay Rogers explained this and I thought she was stupid. I’ve come to the same opinion with Mr. Reynolds. Come on democrats tell you you are running in November for auditor so I’ll know who I’m voting for.
By JohnRussell
July 23, 2008 12:28 PM | Link to this
What an unfair system the Auditor’s office uses. I challenged the valuation of my house that they had over valuated and after someone came out and measured it correctly this time I had 400 square feet trimmed from the total and a reduction in my property taxes of over $200/YR. I had to notify the bank myself to have my escrow adjusted accordingly but the Auditor hasn’t refunded me anything I was overpaying for 4 years. I should have a refund of more than $800 by my acccount. Thieves!
By JohnRussell
July 23, 2008 12:28 PM | Link to this
What an unfair system the Auditor’s office uses. I challenged the valuation of my house that they had over valuated and after someone came out and measured it correctly this time I had 400 square feet trimmed from the total and a reduction in my property taxes of over $200/YR. I had to notify the bank myself to have my escrow adjusted accordingly but the Auditor hasn’t refunded me anything I was overpaying for 4 years. I should have a refund of more than $800 by my account. Thieves!
By Ellen
July 23, 2008 2:33 PM | Link to this
Hey John; Notify the auditor that you’re going to sue for back taxes + interest. This issue will hit a lot of people. If we all start doing that, they may be forced to respond.
By JohnRussell
July 23, 2008 2:57 PM | Link to this
Good idea Ellen. I might also write an article to the editor of this paper and hope they publish in case anyone else out there is experiencing the same thing. Might stir up a hornet’s nest and bring this to the public’s attention.
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