POLL: County Sends Out Property Value Assessments
What do you think of your appraisal? The deadline to file a complaint is Sept. 15.
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During the past couple weeks, notices from the Cuyahoga County Appraisal Department began arriving in residents’ mailboxes, informing them of the new estimated value of their properties.
Ohio law requires a reappraisal every six years, for property tax purposes. This year’s scheduled appraisals wrapped up last month — there won’t be another update scheduled until 2015.
The Cuyahoga County Appraisal Department is responsible for discovering, listing and valuing more than a half-million parcels.
Those who dispute the proposed valuation are encouraged to visit the county website, to find out how to file a complaint.
The deadline to file a complaint is Sept. 15.
According to the county fiscal office website, appraisers value any changes to buildings and land — including new construction, property splits and tax abatements.
One Lakewood resident told Lakewood Patch that he believes his assessment was too high.
We thought we’d put it to a poll: Do you agree with the county’s findings?
Brandon Scullion
9:09 am on Thursday, August 30, 2012
So I am the only one who states mine was too low. That seems odd.
Perhaps I am an uneducated homeowner in matters such as these but what exactly are the pros and cons of the new assessments?
Mark
10:09 am on Thursday, August 30, 2012
Pros: With a decreased home value, a home owner can expected (slightly) lower property taxes and home insurance premiums. Additionally, if the home owner's mortgage includes PMI, the lower value may shorten the term for paying this cost.
Cons: The biggest concern is the direct loss in value. The home is no longer worth what it once was. As a direct consequence, the decreased home value represents a decrease in equity; a loss of personal savings or wealth. As such, it lowers a home owner's borrowing power.
Further, there are other consequences that can adversely affect home value and quality of life in a cyclic reinforcement. As mentioned, when home values drop, property taxes (should) drop. Decreases in property taxes means less money for civic services and school funding. With decreased money for these services comes decreased quality of service. Lower quality schools and public services, in turn, lowers the value of homes in the community. Obviously, this cycle can perpetuate, continually lowering property values and quality of life.
In a similar fashion, as property value falls, it discourages reinvestment. Often, if a home owner sees their home value drop, he or she is reluctant to pour more money into the home in renovations and repairs. This not only undermines their home value but also those of neighboring homes.
Brandon Scullion
10:24 am on Thursday, August 30, 2012
Mark. Thank you for that.
My next question goes to the appraised value. What holds more weight, the valuation by the county or the valuation of a certified appraiser?
I just had mine appraised give or take six months ago and the numbers are strikingly different.
Mark
11:21 am on Thursday, August 30, 2012
Appraised value is more important. The Auditor's valuation is really just for tax purposes. The appraisal has more influence on market value. Although, the two are interrelated and can (and do) influence each other.
Your appraisal may be used as evidence to contest your property value assessment, depending on how old it is (6 months may be too old). Your assessment notice should have included a statement on this process. Also, here: http://fiscalofficer.cuyahogacounty.us/en-US/ComplaintLogin.aspx
Steve
12:28 pm on Thursday, August 30, 2012
Question is, when Russo was auditor, he lowered the value on his buddies homes, so they paid less taxes, but some of them have now sold their homes at a much greater value, even in this economy. Plain and simple , it is just a TAX valuation.The home will sell at what the free market dictates, it has nothing to do with appraised value. Kinda like a used car.