Cuyahoga County Ohio Real Estate Taxes Will Likely Decrease! Is it a Good Thing or a Bad Thing?

By
Real Estate Agent with RE/MAX Trinity Brecksville Ohio

In an article written 4/22/09 by Laura Johnston, a Plain Dealer Reporter, it was stated the property taxes in taxesCuyahoga County will likely decrease....yes, that is decrease! In all my adult home ownership days I cannot remember a time when my property taxes went down so this will be very interesting if it comes to pass.

The statement came from Cuyahoga County auditor Frank Russo, and while he said that the taxes won't plummet, they will drop as much as 8% across the county.

Neither the state nor the city would divulge all city estimates, although Russo divulged two: Inner ring University Heights will drop 10% and suburban Solon, 4%. The state will compare the auditor's numbers to actual sales in the cities, aiming for new appraisals to equal 92-94% of the market value.

Residents will likely receive the new values in the mail next month, and Russo also said that his staff will host 60 community meetings for residents to ask questions or voice concerns over value. You can read the article in it's entirety here

So is this good or is it bad?

Lower taxes based on a lower county appraisal might mean the following:

Schools will cut back even more, eliminating sports, arts, or after school programs and busing

Cities will likely cut back on services like snow plowing and trash removal, opting to charge monthly fees

Cities may cut back on services for senior citizens

Projects within our cities to improve our roads (everyone in Cleveland has hit a pothole or 2) will be put on hold

The value of your home may now be considerably lower and become the barometer for a future sale (though some may argue that most sellers are already getting well below county valuations)

A person in Broadview Heights may see the following scenario:

A $350,000 home taxed at the current rate of 1.99% would pay $6965 in annual real estate taxes.

A $350,000 home valued at 8% less would be a new valuation of $322,000 and the annual taxes would drop to $6407. a difference of $558 per year or $46 per month.

But if the values in Broadview Heights are decreased by only 4%, that would mean that $350,000 home would drop to $336,000 and the savings would drop to $279 annually or $23 per month. That does not seem like that much of a savings if any of the above happens. If residents get charged $10.00 per month for trash removal, the savings is now down to $13.00 per month.

It seems like kind of a catch 22 to me but on the other hand, if my property value is steadily dropping, which it has been, why continue to pay taxes on a higher value?

If you would like to buy or sell a home in Brecksville Ohio or in the surrounding communities, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real EstateParma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate.  Information is obtained from Neohrex and is deemed reliable but not guaranteed.

 

 

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Rainer
146,688
Caren Wallace
Premier Property Group LLC - Tualatin, OR
Portland Caren Real Estate

Barb, I suppose it is going to impact values, so it is bad for owners! On the flip side it gives buyers more ammunition to lower prices! Catch 22!!

Apr 23, 2009 01:02 AM #1
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Caren, I suppose there's an argument for both sides. Most will probably feel that even small savings will help. Time will tell.

Apr 23, 2009 01:03 AM #2
Rainmaker
225,558
Tim Bradford
Cleveland, OH
NMLS 250013

Barb,   The lowering of the values on some property values is what is required by the laws.  I do hear your concern for some of the services that we have come to expect.  I stand by the fact that I do not object to taxes in general, WHAT I DO OBJECT TO IS GOVERNMENT SPENDING.  

Apr 23, 2009 12:09 PM #3
Rainmaker
301,963
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Barb, I liked the way you illustrated how this scenario may play out for area home owners. I did see that Solon is going down 4% and curious to see what happens around the rest of the city.

Apr 23, 2009 03:11 PM #4
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Dan, Ten years ago I never would have believed they would go down. Remember the joke about death and taxes?

Apr 23, 2009 10:59 PM #5
Rainmaker
1,048,784
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

That would never happen here in Taxachusetts Barb! I don't think it is possible:)

Apr 25, 2009 11:47 PM #6
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

I like that Bob..taxachusetts. I don't know that it's going to accomplish all that much.

Apr 26, 2009 12:08 AM #7
Ambassador
3,676,945
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Barb, here when they lower the assessed values, they just raise the tax rates - so it's sort of a wash. 

Apr 26, 2009 12:49 AM #8
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

I have a feeling it will be a wash for us here too when they increase some city services.

Apr 26, 2009 01:22 AM #9
Rainmaker
179,897
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Barb, we just went through that the end of last year here in Montgomery County. Guess what, our taxes went down.  Of course, not very much, but any is better than none.

Apr 27, 2009 07:08 PM #10
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Jack, I agree. We should all know our numbers by about the end of June.

Apr 27, 2009 10:21 PM #11
Rainer
42,329
Wendy Welborne-Kimery
Keller Williams-Lake Norman Mooresville,NC - Mooresville, NC

I don't think I would mind if our taxes went down in Iredell County.  Of course, ours are already really low compared to most.

Apr 28, 2009 03:41 AM #12
Rainmaker
553,708
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Wendy, Me either. I prefer a decrease in my taxes rather than one in my income LOL

Apr 28, 2009 07:36 AM #13
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Rainmaker
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Barb Szabo, CRS

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