Strong home sales over the past three years, especially in 2020, have boosted real estate valuations in Lorain County, he said. County Auditor Craig Snodgrass..
On August 16, Snodgrass and Paul Nishanian, Chief Deputy Auditor of Real Estate, announced a 2021 triennial update on the value of housing assets in Lorain County.
Around Ohio, county auditors evaluate the value of each parcel and set values for owners to determine how much to pay property taxes.
In between these valuations, a three-year renewal is a three-year recalculation of real estate value based on real estate sales.
Lorain County’s sales are also strong, with homes selling faster than they sell when buyers get involved in a bidding war, similar to real estate trends in Ohio and across the country, Snodgrass said.
“We don’t make up for this, it’s really happening,” he said. “And Lorain County is no exception.”
Set value
Lorain County has about 170,000 different real estate parcels divided into about 600 neighborhoods for comparison.
According to Snodgrass, the Audit & Supervisory Board is working to value homes at about 95 percent of their market value.
That percentage is known as the Audit & Supervisory Board’s Home Sales Ratio.
Approximately 10,000 actual sales over the last three years show that auditors’ ratings are below that 95% threshold.
Based on sales, the Ohio Tax Department estimated that the average value of the entire Lorain County county would increase by 16%.
In many Lorraine counties, the value of a home increases by 15% to 20%.
The region includes Lorain, Amherst, Northridge Building, Sheffield Lake, Sheffield Village, Oberlin, most of Elyria, and Brown Helm, Henrietta, Camden, Brighton, Amherst, New Russia, Wellington, Huntington, Eaton, Grafton, Colombia. Includes all townships in.
Lorain does not change some property values.
The highest rate of increase was 26%, with an average rate of increase of 18.8% in the city.
In Elyria, the range is 8.7 percent to 30.2 percent.
“Everything is going up in value across the county,” Snodgrass said. “And some are above the curve and some are below the curve.”
The increase in value also affects the county auditor’s home.
The value of the Snodgrass house on the west side of Lorain increases from $ 259,130 to $ 286,340.
The property value does not increase automatically.
According to auditor figures, the 2009 triennial renewal and 2012 reassessment saw house prices in Lorain County fall 6% and 7.9%, respectively, due to sales and economic conditions at the time.
Will taxes go up?
Snodgrass emphasized that homeowners see the value of real estate increase. This does not mean that property taxes will increase accordingly.
A 20 percent increase in asset value is not equal to a 20 percent increase in taxes, he said.
In addition to the new asset value, the November ballot will be subject to a number of property taxes.
Voters have a say, and the Audit Office will continue to calculate property taxes next year based on values and ballot box results.
According to Snodgrass, the Audit & Supervisory Board has set asset values but has not set taxes for each community.
In response to notification
The Audit & Supervisory Board has begun notifying real estate owners with a batch of letters arriving this week.
The informal hearing process runs from August 30th to September 30th, with optional sessions for those who want to know more.
Meetings are not mandatory and 800 booking times will be available at each of the four locations.
• New Russian Township Lodge on August 30th and September 1st. Southern cities, villages, townships, and parts of Elyria.
• Joyce Hanks Community Center, September 7-9, part of Avon Lake, Sheffield Lake, Lorain.
• Heritage Presbyterian Church, September 13-15, Vermilion, Amherst, part of Elyria, part of Lorain.
• Lorain County Community College Ridge Campus, September 21-23, Avon, Northridge Building, Eaton Township, Columbia Township.
Real estate owners who disagree with the updated values may appeal to the Lorain County Revision Commission between January 3 and March 31.
Lorain County Auditor’s Office is online at the following URL: loraincounty.com/auditor..
The email address is audit@loraincounty.com and the office phone number is 440-329-5207.
Lorraine County Auditor Craig Snodgrass will talk about the county’s three-year renewal of home property values at a press conference on August 16, 2021. Strong home sales over the last three years, especially in 2020, have boosted the wealth value of communities around Lorain County, he said.Lorraine County Auditor Craig Snodgrass is waiting to begin a press conference on August 16, 2021 on the three-year renewal of the county’s home property value. Strong home sales over the last three years, especially in 2020, have boosted the wealth value of communities around Lorain County, he said.Lorraine County Auditor Craig Snodgrass will talk about the county’s three-year renewal of home property values at a press conference on August 16, 2021. Strong home sales over the last three years, especially in 2020, have boosted the wealth value of communities around Lorain County, he said.Lorraine County Auditor Craig Snodgrass will talk about the county’s three-year renewal of home property values at a press conference on August 16, 2021. Strong home sales over the last three years, especially in 2020, have boosted the wealth value of communities around Lorain County, he said.
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