Rachel Hartman
Updated on: October 13, 2024 1:03 am GMT
Homeowners in Lucas County, Ohio, are bracing for significant changes in their property assessments, with values seeing an astonishing rise of nearly 30%. As people sift through official notices from the Lucas County Auditor’s Office, many are grappling with the implications of these increases on their finances and potential property taxes.
Sharp Increase in Property Values
According to Lucas County Auditor Katie Moline, the average assessed property value in the county has increased by 29.5%. This stark contrast emerges from the previous triennial update in 2021, which reported an average increase of just 16%. Moline pointed out that this trend is not unique to Lucas County, and similar patterns are emerging statewide and nationwide.
- Other counties’ increases:
– Ottawa County: 33% average increase
– Fulton County: 32% average increase
- Individual cases: Some homeowners have reported increases ranging from 40% to 60%.
“This isn’t just happening here,” Moline said. “The property values and property sales have just skyrocketed.”
Factors Driving the Increases
Several reasons contribute to the rising property values:
- Local Real Estate Activity: Sales in nearby neighborhoods can influence property assessments.
- Home Improvements: Upgrades to a property may cause its value to rise.
- Previous Underassessment: Homes previously undervalued may face a larger adjustment during this assessment cycle.
Moline emphasized that these factors vary by location and homeowner, leading to different rates of increase across the county.
Understanding Your Assessment
With such a substantial rise in property values, many homeowners may question the accuracy of their assessments. If you believe your property assessment is incorrect, there are steps you can take:
- Appeal Process: Homeowners can file an informal property review.
- How to File an Appeal:
– Submit your concerns online
– Call the auditor’s office
– Visit in person
“You would put an amount in and then you’d give a little bit of information of why you think it’s that amount,” Moline explained. “If you recently had a reappraisal done or you had an appraisal done, and it showed an amount that is less than what we assessed it as.”
Upcoming Evaluation Timeline
The auditor’s office is working towards finalizing assessments by October 11, allowing time for any corrections before they are sent to the state. To assist homeowners, the auditor is hosting in-person events for informal property reviews from 9 a.m. to 7 p.m. over the next three weeks, starting on Monday.
Impact on Property Taxes
It is important for homeowners to understand how these property value assessments might affect their future taxes. The assessed values will inform tax calculations starting January 2025. However, Moline clarified that assessed property values and tax rates aren’t directly comparable.
- Tax Rate Considerations:
– Older levy tax rates might decrease.
– New and replacement levies are likely to increase overall taxes.
“We know that levies, new and replacement levies, are likely going to increase your taxes because that’s new funding,” Moline stated.
As homeowners prepare for upcoming elections, Moline advised them to be mindful of the implications of their votes, especially regarding the four county-wide levies and the 13 additional measures for particular townships, cities, and school districts on the November ballot.
Conclusion
Property values in Lucas County have gone up a lot, and this has made many homeowners feel unsure about what to do. It’s important for residents to know what’s happening and to understand how they can challenge their property assessments if needed. As the deadline for reviewing properties gets closer, being ready will help make things easier as property values and taxes change in the next few years.
