Wood County Auditor Michael Sibbersen announced Friday that the 2017 reappraisal values have received State approval. County wide residential properties have received an average increase of 9.67 percent. Ohio law requires that each county in the state conduct a reappraisal every six years. Generally in every third year following a revaluation a “triennial update” of values by neighborhood is mandated to better reflect the current market conditions. Wood County experienced a residential net zero value change for the 2014 Triennial update at the recommendation of the Ohio Department of Taxation, due to studies indicating that recent sales were close to existing values from the prior 2011 reappraisal. As a result no county wide revision of values has occurred in six years.
Sibbersen indicated that it is important to remember that each property is reviewed individually, so one parcel may increase more than the average and another less due to location, desirability, and condition. An increase in value does not necessarily compute to a comparable increase in tax. Ohio Legislation ensures that approximately the same amount is collected each year for the voted millage. Therefore, levy millage rates will be factored up or down by the Department of Taxation so that the total amount collected will remain consistent with the amount originally voted.
“This is an important concept to understand because the reappraisal law is designed to equalize all values among taxpayers, not to enhance revenue for the 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 stressed.
However, there are seven school districts within Wood County that have reached their state guaranteed 20 mill floor for operating expenses, with the increase in property values these districts could exceed the 20 mill floor to maintain the original voted tax dollars. Thus, an increase in tax dollars could be seen by the residential tax base. The school districts in this position to varying degrees are Eastwood LSD, Elmwood LSD, Gibsonburg LSD, Lakota LSD, Mc Comb LSD, Otsego LSD, Patrick Henry LSD.
An estimation of tax cannot be determined at this time due to the tax levies that are currently on the November 2017 ballot. The Department of Taxation does not release factored tax rates until county election results have been certified and until the certification of values for taxing authorities that overlap adjoining counties. All Wood County property owners will experience a 2.95 mil increase in the tax rate due to the reinstatement of the Board of Developmental Disabilities levy for 2018, this levy was not collected in 2017 at the request of the Wood County Commissioners.
In addition to an increase in residential property values, an average zero change was seen in industrial property and a 3.4 percent average increase in commercial property throughout the county. The county will see a decrease in agricultural land valuation for all properties enrolled in the CAUV tax savings program. The CAUV soil values are determined by the Ohio Department of Taxation and updated in conjunction with the county’s reappraisal cycle.
The Wood County reappraisal process was accomplished over the past two and a half years. All 76,900 parcels were reviewed for the effective appraisal date of January, 1, 2017. Sales data from 2014, 2015, and 2016, were used to accomplish the reappraisal. Not all Ohio counties are scheduled for reappraisal in the same year.
Beginning Sept. 1, 2017, property owners may review their property valuation in person in the Auditor’s Office on the second floor of the County Office Building between the hours of 8:30 a.m. to 4:30 p.m. weekdays or by calling the office at 419-354-9173 or toll free 1-866-860-4140 ext. 9173.
The new 2017 value will also be available on the internet during this open inspection period on the real estate website at http://auditor.co.wood.oh.us. Property searches can be done using owner name, address, or parcel number. Once the property is found and selected, the previous tax value and new tax value will be shown on the valuation tab. The current valuation will be displayed first, with the new valuation below.
Sibbersen encourages property owners to review their tax records for accuracy of their property’s characteristics; this can be done by calling the Real Estate office or visiting the website listed above.
