ROCKY RIVER, Ohio – Due to the current re-appraisal of properties in Cuyahoga County, the city has announced that it has now exceeded a total appraisal of $ 1.1 billion. This brings him into the billion-plus club with neighbor Westlake, with Bay Village not too far behind.
Overall, Cuyahoga County reported an average 16% increase in the appraisal of property values ââin the area. The county began sending statements Sept. 17 to 489,000 owners of residential and commercial properties, according to another article published Sept. 21 by cleveland.com reporter Courtney Astolfi.
Westlake is listed with a 12% increase in total property assessment, Bay Village at 16% and Rocky River at 19%.
Across the county, commercial properties grew an average of 4.8% and industrial properties by 8.7%, according to county information.
Rocky River Mayor Pam Bobst recalled the story of property valuation in Rocky River. She noted that the city’s appraisal in 1955 was $ 42 million. In 2008, the total valuation was $ 722 million. It fell in 2009 to $ 693 million due to the downturn in the economy at the time. In 2020, the valuation was estimated at $ 885 million.
âWe’ve come a long way,â said Bobst. âWe have had years of a downturn in the economy where valuations have fallen on average by about 9%. Since then, it has steadily increased to reach $ 800 million. Now that’s a big leap.
Bobst noted, âOn the property tax side of our income, which has always been reliable, we (the city) receive about $ 8.30 out of every $ 100 spent by residents on property taxes.
Westlake grows to $ 1.7 billion
In Westlake, CFO Prashant Shah noted that the city’s current overall valuation before the new county numbers was $ 1,613,854,850. The new number is $ 1,771,834,452.
âThis shows an expected increase in income of around 10 percent, which is still subject to appeals by residents and owners of commercial buildings,â Shah said. “So we don’t count our chickens until they’re hatched.”
Westlake Mayor Dennis Clough said: “I think the percentage increase is too high, especially since many properties in Westlake are younger or already reflect a higher value than most properties in Westlake. older communities. “
Bay Village property values ââincreased 16%
Bay Village Chief Financial Officer Renee Mahoney said, âThe increase is in line with the average increase for the entire Cuyahoga County at 16%. Bay’s total new valuation is $ 737,990,280, up from $ 638,278,850.
“However, a 16% increase in market value does not mean that a homeowner’s tax bill increases by 16%.”
In addition to cities, schools, libraries, the Cleveland Metroparks, the port authority and the county are others that are receiving a cut in what landowners spend on property taxes, Bobst said.
However, Bobst was quick to add: âThe added valuation does not mean an equal increase in taxes. This does not necessarily mean that taxes will increase by the same percentage, because of Bill 920. Residents will have the opportunity to discuss their new assessments.
In 1976, the Ohio legislature enacted a property tax reform known as House Bill 920. Its purpose was to keep inflation from increasing voted taxes.
Here’s how it works, according to the Cuyahoga County Tax Office website: âSuppose a school district receives voter approval to raise $ 5 million through a $ 5 million levy. The following year, after a revaluation, the value of the properties increased. House Bill 920 does not allow the school district to receive additional revenue from this voted tax. The 5 mills voted on will be reduced to a mileage amount that will generate $ 5 million, and each taxpayer will pay a lower âeffectiveâ tax rate. In order for the school system to generate more revenue, it must go to voters for approval of another levy.
For more information on county-wide appraisals, estimating your own property taxes, the House 920 bill, and opportunities to discuss your own property appraisal, visit https://fiscalofficer.cuyahogacounty .us.
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