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The Press Newspaper

Toledo, Ohio & Lake Erie

The Press Newspaper

The Press Newspaper

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       The Ohio Department of Taxation has approved reappraised Wood County residential property values for 2017, according to Michael Sibbersen, county auditor.

        On average, property values increased by 9.67 percent from the previous reappraisal six years earlier, he said.

        State law requires counties conduct a full reappraisal every six years and an update of values by neighborhood every three years.

        Sibbersen noted that Wood County had no net change for the 2014 triennial update after the department of taxation cited studies showing recent home sales were close to existing values from the 2011 reappraisal.

        Consequently, county-wide there has been no revision of values in six years, he said.

        Because properties are reviewed individually during the reappraisals, their values are determined more by location, condition and desirability. However, an increase in valuation doesn’t translate into an automatic increase in property taxes, Sibbersen cautioned, due to the state legislature ensuring that approximately the same amount is collected each year on voted millage.

        “This is an important concept to understand because the reappraisal law is designed to equalize all values among taxpayers, not to enhance revenue for taxing authorities. In other words, this is not a means of raising taxes or lowering taxes, it’s a re-balancing of the tax value burden among individual properties and classes,” Sibbersen said.

        In Wood County, however, there are seven school districts that have reached their state-guaranteed 20-mill floor for their operating budgets. With the increase in residential property values, the schools could exceed the millage floor to maintain the original voted tax dollars, resulting in an increase in tax revenues from the residential properties.

        The Eastwood, Elmwood, Lakota, McComb, Otsego, Patrick Henry, and Gibsonburg school systems are in this position to varying degrees, Sibbersen said.

        With tax levy requests on the November ballot, an estimation of the increase can’t yet be determined because the taxation department doesn’t release factored tax rates until local election results have been certified.

        Sibbersen said all Wood County property owners will realize a 2.95-mill increase in the tax rate due to the reinstatement of the Board of Development Disabilities levy that wasn’t collected in 2017 at the request of the county commissioners.

        The reappraisal also reflects on average no change in industrial property values and a 3.4 percent increase in commercial property.

        Farmland enrolled in the Current Agricultural Use Valuation program will see a decrease in valuation.

        Sibbersen said the reappraisal took 2 ½ years to complete and all 76,900 parcels were reviewed.

        Starting Sept. 1, owners may review their valuations in person at the auditor’s office during the week or by calling 1-866-860-4140, ext. 9173.

        The new valuations will also be posted on the auditor’s website.   

       

         

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