Lorain County home sales pushing up property…
Lorain County home sales pushing up property values, auditor says
Revaluations notices coming for Lorain County
Lorain County Auditor Craig Snodgrass speaks during a press conference of Aug. 16, 2021, about the county's triennial update of residential property values. Strong home sales in the last three years, especially 2020, have pushed up property values in communities around Lorain County, he said.
By Richard Payerchin | rpayerchin@morningjournal.com | The Morning Journal
PUBLISHED: August 16, 2021 at 7:38 p.m. | UPDATED: August 16, 2021 at 7:40 p.m.
Strong home sales in the last three years — especially 2020 — are pushing up Lorain County property valuations, said county Auditor Craig Snodgrass.
On Aug. 16, Snodgrass and Paul Nishanian, chief deputy auditor for real estate, announced the 2021 triennial update for Lorain County residential property values.
Around Ohio, county auditors appraise the value of each parcel, setting values to determine what owners pay for property taxes.
Halfway between those appraisals, the triennial update is the three-year recalculation of property values based on real estate sales.
And sales are hot in Lorain County, with houses selling fast at asking prices or more as buyers get into bidding wars, similar to real estate trends around Ohio and the nation, Snodgrass said.
"We're not making this up, it's really happening," he said. "And Lorain County is no different."
Setting values
Lorain County has about 170,000 various property parcels divided into almost 600 neighborhoods for comparison.
The Auditor's Office works to value homes at about 95 percent of the market worth, Snodgrass said.
That proportion is known as a residential sales ratio for the auditor's office.
About 10,000 actual sales from the last three years show the auditor's valuations are below that 95 percent threshold.
Based on sales, the Ohio Department of Taxation estimated Lorain County should have an average countywide value increase of 16 percent.
Much of Lorain County will see residential values increase by 15 percent to 20 percent.
That area includes Lorain, Amherst, North Ridgeville, Sheffield Lake, Sheffield Village, Oberlin, much of Elyria, and all of Brownhelm, Henrietta, Camden, Brighton, Amherst, New Russia, Wellington, Huntington, Eaton, Grafton and Columbia townships.
In Lorain, some property values will not change.
The highest percentage increase was 26 percent, and the average increase was 18.8 percent in the city.
In Elyria, that range is 8.7 percent to 30.2 percent.
"Countywide, all the values are going up," Snodgrass said. "And some will be above the curve, and some will be below the curve."
The increase in values also affects the county auditor's home.
Snodgrass' house on the west side of Lorain will have its value increase to $286,340 from $259,130.
Property values do not automatically go up.
In the triennial update of 2009 and the reappraisal of 2012, Lorain County home values went down 6 percent and 7.9 percent respectively, due to sales and economic conditions of the time, according to the auditor's figures.
Taxes going up?
Snodgrass emphasized when homeowners see the property values go up, that does not mean there will be a corresponding increase in property taxes.
A 20 percent increase in property value does not equate to a 20 percent increase in taxes, he said.
Along with new property values, there are a number of property tax levies on the November ballot.
Voters will have their say and the Auditor's Office will calculate property taxes again next year based on the values and the ballot box results.
The Auditor's Office sets the property values, but does not enact the taxes for each community, Snodgrass said.
On notice
The Auditor's Office has begun notifying property owners in batches of letters arriving starting this week.
An informal hearing process will take place from Aug. 30 to Sept. 30, with optional sessions for anyone who wants to learn more.
The meetings are not mandatory and there will be 800 appointment times available at each of four locations:
• The Lodge of New Russia Township, Aug. 30 and Sept. 1, for the southern cities, villages and townships and part of Elyria.
• The Joyce Hanks Community Center, Sept. 7-9, for Avon Lake, Sheffield Lake and part of Lorain.
• Heritage Presbyterian Church, Sept. 13-15 for Vermilion, Amherst, part of Elyria and part of Lorain.
• Lorain County Community College's Ridge Campus, Sept. 21-23, for Avon, North Ridgeville, Eaton Township and Columbia Township.
Property owners who disagree with the updated values can appeal to the Lorain County Board of Revision between Jan. 3 and March 31.
The Lorain County Auditor's Office is online at loraincounty.com/auditor.
The email address is auditor@loraincounty.com and the office phone number is 440-329-5207.
Lorain County Auditor Craig Snodgrass awaits to start his press conference of Aug. 16, 2021, about the county's triennial update of residential property values. Strong home sales in the last three years, especially 2020, have pushed up property values in communities around Lorain County, he said.
Richard Payerchin | reporter
Richard Payerchin covers Lorain City Hall, area schools, business news, features and other interesting stories for The Morning Journal. He worked as Sandusky bureau chief from 2000 to 2008. As a kayak enthusiast, he has paddled the Black River, Sandusky Bay and along much of the Lake Erie shoreline in between them. Reach the author at rpayerchin@MorningJournal.com or follow Richard on Twitter: @MJ_JournalRick.
rpayerchin@morningjournal.com
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