Wood County Auditor Matthew Oestreich has announced new construction and public utility values for tax year 2018 payable in 2019.
“New construction in Wood County has rebounded and we are witnessing the impact on the tax base,” Oestreich stated.
New construction value totaled $33.7 million in assessed value.
“Construction activity is visible throughout the county, which is a great indicator of a healthy economy,” Oestreich said.
The prospect of increased values over the next several years projects as a continued positive. First Solar is building a 1.2 million square foot production facility in the county, and NSG in Rossford is exploring options for expansion. Public utility values tallied significant gains for tax year 2018, adding $73.5 million in assessed value. The largest of these values resulted from the Rover pipeline at $57.5 million. Overall new construction has added nearly 3.3 percent to the tax base of Wood County in one year’s time.
Last week, the Board of Revision ruled on the final cases of tax year 2017. The board consists of Oestreich, Treasurer Jane Spoerl, and Commissioner Doris Herringshaw and is charged with determining the market value on formal taxpayer valuation complaints.
The board heard 68 complaints: 51 filed by taxpayers seeking a value reduction, and 17 filed by school districts requesting a value increase. The board is presented evidence in the form of comparable sales, cost of construction, or appraisals. The evidence is evaluated and the board determines a final value and if either party disagrees with the decision, they reserve the right to appeal to the state board of tax appeals. Wood County has 15 such appeals.
This year, the Auditor’s Office also received and rectified values on 165 informal complaints. Of the 165 complaints, 73 complaints resulted in a no value change while the remainder saw a combined reduction in assessed value totaling $800,000.
“The appeal process allows taxpayers a voice to help the auditor determine the true market value of some parcels which may be statistical outliers. For $16.75 per parcel my office determined the value of all 75,000 parcels,” Oestreich said.
The quality of the recent 2017 mass reappraisal was exceptional with a Perrysburg resident serving as the project supervisor, and two other Wood County residents working on the reappraisal.
“Having appraisers living in Wood County is a definite benefit to the process of determining real estate values, as they have a pulse on the local market,” shared Oestreich.
The 2017 reappraisal resulted in a countywide assessed valuation totaling $3.263 billion. The next reappraisal will be completed for tax year 2023 with a “triennial update” scheduled for tax year 2020 under the direction of the Ohio Department of Taxation.