Ohio is one of those states that relies heavily on property taxes to fuel its ever bulging budget.  So it comes as no surprise that the State of Ohio is concerned that the recent downturn in the economy is going to cut into their revenue.

On a whole, property values in my city have taken a huge hit.  Homes on the market for $200,000 ultimately have sold for $170,000.  And the wait to sell is extremely long.  The house across the street from my residence sold after being on the market for nine months, and it too was sold at an extremely discounted price.

Because the State, Counties, and Cities rely so heavily on property taxes, all three governmental bodies are compelled to protect their cash cow in the face of much lower property values.  The State of Ohio’s decision to permit some counties to not reappraise property values is an attempt to steal tax dollars from those that can least afford it.

Not all of the nine counties are going to leave property values unchanged.  Hamilton County Auditor Dusty Rhodes indicated he will make neighborhood adjustments to property values.  His fear is that leaving property values unchanged would result in an avalanche of property value disputes, which ultimately end up at the Board of Revisions.

Other County Auditors out of the “permitted nine” noted that property values are essentially unchanged.  Therefore residents in these Counties can expect their property tax bill to remain the same.

I personally believe that my home’s value has dropped around $10,000 since the last County appraisal.  Just last year the home across the street from me sold for $4,000 more then what my house is appraised at.  That home has an additional bathroom and an additional 1,000 square feet of living space.

I urge all Ohio residents to keep an eye on the news surrounding property taxes.  The State of Ohio and all the other layers of taxing governmental bodies have no right to overvalue our homes in an effort to preserve their budgets.

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