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With Summit's property values in decline, Coventry owner shocked to see his home's tax value go up nearly $200,000
By Rick Armon
Beacon Journal staff writer
Published on Friday, Aug 29, 2008
Richard Stevens doesn't buy it.
His two-story, brick house — arguably the nicest home along Wymore Avenue in Coventry Township — had been appraised at $363,150.
Then, the letter came in the mail this week from Summit County notifying him of the new value: $557,820.
''I was absolutely shocked. I couldn't believe it,'' Stevens, a semi-retired University of Akron professor, said Thursday. ''I do not believe that I could get $558,000 for the house. I don't think that's possible, especially when the sales prices for homes are decreasing and there's a huge surplus of homes on the market.''
The Summit County Fiscal Office has mailed about 153,000 notices to homeowners informing them about updated property values as part of its six-year reappraisal. The letters have set off a firestorm of phone calls to the county.
Many people, like Stevens, are flummoxed about why their values increased given the housing market. Others are irritated that their values have fallen. Some caught mistakes in the county records, such as not enough bedrooms being listed.
In Stevens' case, he's trying to grasp how his home — located on a small cove connected to the East Reservoir in the Portage Lakes — could jump in value by nearly $200,000. Some of the homes surrounding his are mere
cottages, and his street isn't even paved.
And there have been only three homes in Coventry — and none in his neighborhood — that sold for more than $350,000 in the last two years.
''What they nailed you with is unreal,'' neighbor Jim Augustine said during a visit to Stevens' house. ''That's too much.''
Stevens already has filed a complaint with the county and plans to make a formal appeal if the appraisal isn't reduced.
The county is investigating all the complaints, including the one made by Stevens.
''We want to be as correct as possible with every parcel,'' Deputy Fiscal Officer Tom Minninger said.
Overall, a slight majority of homeowners, 52 percent, are seeing a drop in value, while 8 percent are seeing no change.
The bottom line for homeowners is that taxes generally go up or down with property values. The reappraisals will affect next year's tax bills.
Appraisers spent the last 21/2 years analyzing home sales and visiting individual properties to determine the updated values. Homeowners might dispute the results, but the county can justify the changes, said Shelley Davis, chief of staff for the fiscal office.
In general, homeowners would prefer high appraisals and low tax bills.
''When you sell, it's a castle,'' Davis said. ''When you're taxed on it, it's a dump.''
In early June, county officials had announced that residential and agricultural property values had declined about 1 percent countywide over the last three years. The Ohio Department of Taxation approved the reappraisal figures in late July and the county mailed out notices late last week alerting individual homeowners about their new values.
County officials blamed the overall drop on lackluster home sales and foreclosures. Other counties also are seeing flat residential property values during reappraisals this year.
Franklin County had a 0.15 percent decrease. Hamilton is seeing a 0.88 percent increase. While Montgomery has had a 0.24 percent increase. Geauga, Mahoning, Richland and Trumbull counties also saw slight increases of less than 0.6 percent.
''It appears that the Summit County market was softer than any of the others, but as you can see it was very close,'' said John Kohlstrand, a spokesman for the Department of Taxation.
Within Summit, Akron had the greatest decline at minus 4.4 percent. Hudson had the largest increase at 4.3 percent.
County officials encouraged people who have concerns to contact the fiscal office in person or by e-mail at newvalue@summitoh.net or phone at 330-643-2710. The county also will hold public meetings so homeowners can meet with appraisers to go over values.
The meetings are set for:
• 10 a.m. to 8 p.m. Sept. 8-11 and 15-18 at the Polish American Club, 472 Glenwood Ave, Akron.
• 10 a.m. to 8 p.m. Sept. 22-25 and Sept. 29-Oct. 1 at Chenoweth Golf Course banquet hall, 3087 Chenoweth Road, Akron.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Richard Stevens doesn't buy it.
Get the full article here.
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