Homes flying off the market: What about my property taxes?

Local News
Housing market, real estate, sale

YOUNGSTOWN, Ohio (WKBN) – As we all sit and watch homes fly off the market, many times above the listing price, many current homeowners are wondering what is going to happen to their property taxes in the wake of the current housing boom.

In a nutshell, you may end up paying more as housing valuations increase, but that’s not necessarily a bad thing. It makes sense that as property values go up because of increased sales, so will property taxes, but that keeps your investment secure.

Mahoning County Auditor Ralph Meacham said the county recently conducted its triannual valuation, next up will be the six-year assessment. He said that while the Valley is seeing some of the housing boom that is being experienced nationwide, over time the impact won’t be that large on property taxes, at least not here.

“We don’t have large tracks of houses going in. Housing starts are not significant here,” he said. “It’s supply and demand, and right now there is no supply, but there just hasn’t been a substantial increase in new houses. Housing values fluctuate with the economy as a whole. What happens there is very reflective.”

Over time, increasing interest rates and the economy will level out the housing frenzy and ultimately, most homeowners will not see a drastic increase in property tax.

Meacham said the last increase in Mahoning County was an average of 13.2%. That’s less than the state wanted at 16%. So, most homeowners can expect the next increase to be pretty close to those numbers.

While the pandemic has fueled the housing boom by reducing the number of homes on the market, it has also created an opportunity for homeowners to get tax relief if they were negatively impacted by the pandemic.

Meachum said that Senate Bill 57, which was recently signed by Ohio Governor Mike Dewine, allows eligible people to file a complaint for tax year 2020 if their property was negatively impacted by the pandemic or a state COVID order.

These specific complaints can be filed between August 3 and September 2, 2021 (postmarked no later than September 2).  

Property owners must indicate, with particularity, how the COVID-19 pandemic or a state COVID-19 order reduced the true value of the property.

The bill authorizes the County Board of Revision to value a property for tax purposes as of October 1, 2020, rather than the January 1, 2020 tax lien date. The burden of proof is on the complainant to provide credible evidence.

For the first time, tenants, as defined in the bill, are permitted to file this COVID-19 related complaint, and The law also allows a COVID-19 related complaint to be filed even if a complaint has already been filed for tax year 2020.

Meacham said the bill could help out businesses owners. too.

“These changes in the law will give commercial and industrial property owners and tenants an opportunity to obtain some property tax relief if they suffered from things such as restricted business hours or demand for a good or service, among others,” Auditor Meacham said.

The DTE 1 Board of Revision Complaint Against the Valuation of Property can be found here DTE 1 Complaint Against the Valuation of Real Property or taxpayers may call the Mahoning County Auditor’s Office and request that the form be mailed to them.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending on