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Do IT this week: Layering
By David Knox and Katie Byard
Beacon Journal staff writers
POSTED: 09:42 p.m. EDT, Sep 21, 2009
When all the homes, businesses, industries and farms in Summit County were reappraised last year, county officials saw something they'd never seen before: The total market value of residential and agricultural property had dropped 1 percent.
Every previous reappraisal in memory showed property values going only in one direction — up.
Despite the overall decline, a record number of home and business owners filed appeals, most complaining the county had priced their property — and their tax bills — too high.
Many of the more than 4,518 homeowners filing appeals argued that the bursting of the housing bubble nationwide that triggered the worst recession since the Great Depression was pushing down property values faster than the appraisal showed.
County Fiscal Officer John Donofrio thinks they may be right. He is considering ordering an updated reappraisal next year — a year earlier than required by law.
''I just want to make sure we're fair to all the taxpayers as relates to their property values,'' Donofrio said today. ''If there is a trend that they've gone down even more, then I want to make sure we make that adjustment so the taxpayers have a fair appraisal.''
The latest census figures, released Tuesday, indicate most Summit County homeowners think their property values have declined.
Last year, the median value of owner-occupied homes in Summit County was $144,100, down 4.4 percent from 2007, according to the Census Bureau's 2008 American Community Survey. In the 2007 report, the median home value had slipped 1.2 percent.
Summit County isn't unusual. Stark County also saw a 4.4 percent drop in median home values to $130,000 — meaning homeowners said half the homes were worth more and half less, according to the new survey.
The census report likely underestimates the decline in home values because the survey was conducted throughout 2008, while home prices have continued to fall.
Stark County did its appraisal this year and found the median home value dropped nearly 5 percent since the last update in 2006.
As with Summit, Stark County officials had never before seen median home values decline in a reappraisal.
Counties on upswing
In the Akron-Canton area, Wayne County saw the biggest drop — 8.4 percent — to $137,000, while Medina and Portage counties — which have more expensive homes — posted increases, to $192,400 and $163,700.
Tallmadge homeowners Regina and Anthony Conti are not surprised by the declines shown in the census report.
The couple were among thousands that filed complaints earlier this year saying Summit County's 2008 appraisal of their property was too high.
The county appraised the Contis' three-bedroom, 2,272-square-foot home at $207,550. The Contis argued their home's value was $182,900, and backed their claim by researching sales of comparable homes in their suburban neighborhood.
The Summit County Board of Revision agreed to reduce the value to about $189,000.
Anthony Conti, a part-time real estate agent with America's 1st Choice, said home prices have continued to fall this year.
''We have 20 houses on our street and we've had two foreclosures in the last year-and-a-half,'' Regina Conti said.
She welcomed the idea of moving up the next reappraisal to next year, but said that wouldn't address the biggest beef she has with the appraisal system — the reduced prices of foreclosed properties aren't factored in.
Foreclosure sales
Shelley Davis, Donofrio's chief of staff, said her boss thinks foreclosure sales should be considered — on a case by case basis. But she said the state bars counties from doing that.
Ronald Racster, an emeritus professor of real estate at Ohio State University, said the overall declines found in the census report can't be used to determine the value of individual properties or neighborhoods.
But Racster had no doubt the census researchers are accurately reflecting a decline in home values.
''They do have the general trend,'' he said. ''It'd be hard to miss.''
Ohio, which saw a 2 percent decline in median values statewide, escaped the worst of the housing crash.
Biggest hit
Nevada took the biggest hit, reporting a drop in median value from $323,200 to $271,000 — a 16 percent decline.
California and Florida — two other states that saw home prices skyrocket, then crash — reported declines of 15.5 percent and 8.6 percent, respectively.
John Hearty, a retired sales manager in Summit County, said the housing market hasn't hit bottom yet.
Hearty bought his Tallmadge condo in 2004 for $190,000.
When last year's reappraisal set the value at $183,000, Hearty appealed, saying his property was worth even less in today's depressed market.
The Board of Revision agreed and dropped the value to $171,720. That's still too high, Hearty said, pointing to a three-bedroom condo identical to his in the development that sold last August for $150,000.
''Others are listed at $150,000 to $156,000,'' he said.
David Knox can be reached at 330-996-3532 dknox@thebeaconjournal.com. Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com.
When all the homes, businesses, industries and farms in Summit County were reappraised last year, county officials saw something they'd never seen before: The total market value of residential and agricultural property had dropped 1 percent.
Every previous reappraisal in memory showed property values going only in one direction — up.
Despite the overall decline, a record number of home and business owners filed appeals, most complaining the county had priced their property — and their tax bills — too high.
Many of the more than 4,518 homeowners filing appeals argued that the bursting of the housing bubble nationwide that triggered the worst recession since the Great Depression was pushing down property values faster than the appraisal showed.
County Fiscal Officer John Donofrio thinks they may be right. He is considering ordering an updated reappraisal next year — a year earlier than required by law.
''I just want to make sure we're fair to all the taxpayers as relates to their property values,'' Donofrio said today. ''If there is a trend that they've gone down even more, then I want to make sure we make that adjustment so the taxpayers have a fair appraisal.''
The latest census figures, released Tuesday, indicate most Summit County homeowners think their property values have declined.
Last year, the median value of owner-occupied homes in Summit County was $144,100, down 4.4 percent from 2007, according to the Census Bureau's 2008 American Community Survey. In the 2007 report, the median home value had slipped 1.2 percent.
Summit County isn't unusual. Stark County also saw a 4.4 percent drop in median home values to $130,000 — meaning homeowners said half the homes were worth more and half less, according to the new survey.
The census report likely underestimates the decline in home values because the survey was conducted throughout 2008, while home prices have continued to fall.
Stark County did its appraisal this year and found the median home value dropped nearly 5 percent since the last update in 2006.
As with Summit, Stark County officials had never before seen median home values decline in a reappraisal.
Counties on upswing
In the Akron-Canton area, Wayne County saw the biggest drop — 8.4 percent — to $137,000, while Medina and Portage counties — which have more expensive homes — posted increases, to $192,400 and $163,700.
Tallmadge homeowners Regina and Anthony Conti are not surprised by the declines shown in the census report.
The couple were among thousands that filed complaints earlier this year saying Summit County's 2008 appraisal of their property was too high.
The county appraised the Contis' three-bedroom, 2,272-square-foot home at $207,550. The Contis argued their home's value was $182,900, and backed their claim by researching sales of comparable homes in their suburban neighborhood.
The Summit County Board of Revision agreed to reduce the value to about $189,000.
Anthony Conti, a part-time real estate agent with America's 1st Choice, said home prices have continued to fall this year.
''We have 20 houses on our street and we've had two foreclosures in the last year-and-a-half,'' Regina Conti said.
She welcomed the idea of moving up the next reappraisal to next year, but said that wouldn't address the biggest beef she has with the appraisal system — the reduced prices of foreclosed properties aren't factored in.
Foreclosure sales
Shelley Davis, Donofrio's chief of staff, said her boss thinks foreclosure sales should be considered — on a case by case basis. But she said the state bars counties from doing that.
Ronald Racster, an emeritus professor of real estate at Ohio State University, said the overall declines found in the census report can't be used to determine the value of individual properties or neighborhoods.
But Racster had no doubt the census researchers are accurately reflecting a decline in home values.
''They do have the general trend,'' he said. ''It'd be hard to miss.''
Ohio, which saw a 2 percent decline in median values statewide, escaped the worst of the housing crash.
Biggest hit
Nevada took the biggest hit, reporting a drop in median value from $323,200 to $271,000 — a 16 percent decline.
California and Florida — two other states that saw home prices skyrocket, then crash — reported declines of 15.5 percent and 8.6 percent, respectively.
John Hearty, a retired sales manager in Summit County, said the housing market hasn't hit bottom yet.
Hearty bought his Tallmadge condo in 2004 for $190,000.
When last year's reappraisal set the value at $183,000, Hearty appealed, saying his property was worth even less in today's depressed market.
The Board of Revision agreed and dropped the value to $171,720. That's still too high, Hearty said, pointing to a three-bedroom condo identical to his in the development that sold last August for $150,000.
''Others are listed at $150,000 to $156,000,'' he said.
David Knox can be reached at 330-996-3532 dknox@thebeaconjournal.com. Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com.
Comments
Click here to post your comments
Akron, OH
Posted 10:15 PM, 09/21/2009
Funny ... I tried to appeal my tax increase too. They wouldn't even let me file the appeal. It was like they couldn't even imagine a value going down.
AK, Oh
Posted 10:48 PM, 09/21/2009
We should be able to hire an independent appraisal. I bet the values would be even lower than thought. The banks can 't hire the appraiser why should the government be able to.
everywhere, oh
Posted 11:36 PM, 09/21/2009
A county appraisal should be backed by the county's willingness to pay you for what they say the property is worth less a small percentage for transfer costs.
clinton, oh
Posted 11:48 PM, 09/21/2009
Not one of Summit county councilman's property taxes
according to the review of public records on the Summit County website had their appraised property taxes increase for next year including Mr Donofrio.
Norton, Oh
Posted 08:33 AM, 09/22/2009
DS- This surprises you how??? Did you also check into the Mayor and his Boyz?? See a trend?? The only part of this article that stunned me, is that Donofrio is conceding to facts and voters. The 730 sqft home, 3 car garage, 3/4 wooded acre next door to me just sold for 25,000. The owner had been asking 55,000 but had to finally take what he could get just to get rid of it (had been vacant/ for sale for two yrs). But my land value increased?? I agree that bank appraisals should be acceptable for tax purposes. That shows the true value of the property, since we know something is only worth what someone else is willing to pay.
Norton, Oh
Posted 08:34 AM, 09/22/2009
PS That is only a ONE bedroom home...Hence the value.
Akron, OH
Posted 08:59 AM, 09/22/2009
==========
County Fiscal Officer John Donofrio thinks they may be right. He is considering ordering an updated reappraisal next year — a year earlier than required by law.
''I just want to make sure we're fair to all the taxpayers as relates to their property values,'' Donofrio said today. ''If there is a trend that they've gone down even more, then I want to make sure we make that adjustment so the taxpayers have a fair appraisal.''
==========
Wow...
Theory #1
Rip Von Donofrio finally awoke from his years of slumber to find out he's wrong.
Theory #2
Mr. Donofrio read and heard the media reports that of Federal Charges in Cuyahoga County over $1.3 million in kickbacks to staffers in Frank Russo's office concerning property appraisals, and didn't want anyone snooping around his office's records.
clinton, oh
Posted 09:36 AM, 09/22/2009
@Zapdog
I stopped surfing at the County Government level because, I like yourself,were sure that city government fared just as well.
The county DOUBLED my land value for 2010
but left the home value the same. Residential Land isn't worth anything without the house so if my home is worth less on the real estate market(My new home (Built in 2004),according to Zillow's
recent estimate has lost 50,000 in the past three years from its high in 2006,so why hasn't my land devalued also?
And how did it double?? Due to zoning it cant even be divided and sold as a building lot so it amounts
to nothing more then grass.
clinton, oh
Posted 10:17 AM, 09/22/2009
@Legal Beagle
You may be referring to the notice you received earlier this year (2009) for your property tax increase.
That new appraised value does not start until next year (2010),which you then can file an appeal for.
I did the same thing this year, and they would not hear my case.
The notice states if you do not agree with the appraisal that you can appeal it. But of course
they don't tell you when you file the paper work get your appointment and you show up that, "Oh!
you cant appeal this until next year because
this starts in 2010. They wont even hear your case
at that point until next year.
Not one county employee explained that,however one
clerk did ask me if this was an appeal based on a notice I had received in the mail a few months back.!!!!!!!!!!!!
Don't forget to appeal next spring 2010!!
Posted 12:50 PM, 09/22/2009
1996 purchase price $90,000 Taxes $800 a year
2008 value is 101,000 per our wonderful tax dept. Taxes are $1900 a year (put $24,000 into remodeling)
Somethings not right! Neighbors house is 100 sq ft smaller than mine, a complete shack, same lot size and we pay the same taxes and his appraisel came in $50 less than mine.....??? Am I missing something. Whose doing the math downtown?
Akron, OH
Posted 01:39 PM, 09/22/2009
=============
@Logic who posted:
Neighbors house is 100 sq ft smaller than mine, a complete shack, same lot size and we pay the same taxes and his appraisal came in $50 less than mine.....??? Am I missing something.
=============
Just goes to prove that a remodeled $100k house is worth about the same as a shack in Akron.
See what happens when no one wants to live in the Kingdom that Don has built.
Niles, Oh
Posted 02:14 PM, 09/22/2009
I received notice from the auditor officer that my property value was lowered 5% that's five percent. All the properties here in portage country was reduced. This article leads you to believe opposite. I also hired a independent appraiser four years ago, submitted his value and the portage county auditor accepted it.
Yea, know it, YOU CAN DO IT TOO.
Akron, OH
Posted 02:40 PM, 09/22/2009
=======================
@LillyMay...
I also hired a independent appraiser four years ago, submitted his value and the portage county auditor accepted it.
Yea, know it, YOU CAN DO IT TOO.
=======================
An "independent appraiser" will include foreclosure sales in their decision of appraised values.
Mr. Donofrio is on record that he will not accept anything that has to do with foreclosed sales when it comes to his 'pull a number out of his a$...err...out of mid air' appraisals of neighborhood values.
He (or actually, his appraisers) don't even look at individual properties when determining values as that is just too time consuming (and might require some actual effort) for a busy office like his.
Orrville, Oh
Posted 03:14 PM, 09/22/2009
State Legislators, Representatives, and Governor; defying Supreme Court resolution; four times; declaring property tax UNCONSTITUTIONAL; enables Elected Officials; to scam; Fathers disqualified for affirmative action with white skin, Union workers, consumers, taxpayers, and Americas grandchildren’s children; to pay property tax; on their American Dream; based on state appraised value; with money; derived from wages; or independent business profit!
Akron, oh
Posted 03:46 PM, 09/22/2009
We don't think so, IT IS TRUE. But the county just raised the tax on my land and I paid $200 more this year and my house is worth $21,000 less. That's convienent.
Anti-Politically Correct & Anti-GOP, OH
Posted 05:44 PM, 09/22/2009
Look at sales....of course values are down.
akron, oh
Posted 06:33 AM, 09/23/2009
What ever you don't drink the Kool Aid being circulated by the Deputy mayors and the Donafrio gang.
Mrs Donafrio is head of the Board of Selections at 100k plus per year and John makes 125k per year and they drive new cadilacs.
akron, oh
Posted 12:48 PM, 09/23/2009
I've been thru this alreaDY. what you do is this: get an independant appraiser to determine the true value of your property, then go to the county government for a form to fill out and submit for consideration. The county will re-determine the value of your property.
akron, oh
Posted 12:50 PM, 09/23/2009
If you ask Donofrio, he'll tell you to do this every 2 years: your property is expected to go down 2% every 2 years.
