Residential property in Wood County has dropped 10 percent in value on average since being re-appraised six years ago, according to the county auditor, who said it reflects market conditions not seen since the early 1980s.

The 2011 re-appraisal values have been approved by the state, said Michael Sibbersen, and are open for public review beginning Sept. 26.

Ohio law requires each county conduct a re-appraisal every six years. Generally, in every third year following a revaluation an update of values by neighborhood is mandated to reflect current market conditions.

Sibbersen said the Ohio Department of Taxation didn’t recommend Wood County property undergo a valuation change in 2008 after a review of sales ratios indicated prices were close to values for 2005 levels when a re-appraisal was conducted.

A decrease in value doesn’t necessarily compute to a comparable decrease in property taxes because state law ensures that approximately the same amount of tax revenue is collected each year for voted millage, he said.

To keep revenues constant, millage rates will be factored up or down by the taxation department so the total collected amount will remain in line with the original voted amount.

“This is an important concept to understand because the re-appraisal law is designed to equalize all values among taxpayers, not to enhance revenue for the taxing authorities,” Sibbersen said. “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.”

Six school districts in the county have already reached their state-guaranteed 20-mill “floor” for operating expenses and a decrease in property values could send the districts below that level to maintain the original dollar amount of the voted millage.

Consequently, an increase in taxes could be realized by residential property owners, Sibbersen said, adding the districts in that position include, to varying degrees, Eastwood, Elmwood, Gibsonburg, Lakota, McComb, and Otsego.

Tax estimates can’t be determined at present due to levies on the November 2011 ballot.

All Wood County property owners will realize a 1.3-mill increase in the tax rate when a levy for the Job and Family Services agency is reinstated for 2012. Collection for 2011 was discontinued at the agency’s request.

Industrial property in the county dropped in value by about 10.4 percent and commercial property by 5.5 percent but agricultural property enrolled in the Current Agricultural Use Valuation program saw an increase in value.

Sibbersen said the re-appraisal process took about 2 ½ years to complete on all 76,900 parcels reviewed. Sales data from 2008-10 were analyzed.

Property owners may review their valuations in the real estate division of the auditor’s office beginning Sept. 26.

The new values will also be available online at the auditor’s website: auditor.co.wood.oh.us.

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