Residential property values increase by 16 percent in county’s triennial appraisals
by Dan Holland
Residential property values increased by an average of 16% countywide according to the data collected by the Cuyahoga County Fiscal Officer’s triennial appraisals, which were released in mid-September. All county residents should have received a 2021 value notice by mail.
According to figures, residential values for 2021 rose by 15% in Brecksville and 12% in Broadview Heights from 2018. Across the county, commercial property valuations increased by an average of 4.8%. Industrial properties increased by 8.2% during that same period.
The four Cleveland suburbs with the highest average increases for residential property values were: Maple Heights (29%), Lakewood (27%), Brook Park (25%) and Parma (24%).
According to estimates by the county fiscal office, the city of Broadview Heights will receive an additional $623,021 in tax revenues next year as a result of the triennial update, and Brecksville will receive an additional $733,447.
Broadview Heights Mayor Sam Alai said via email that it seems residential valuations are keeping pace with an uptick in the real estate market.
“It is no surprise that home valuations went up by double digits given the soaring home prices in our country right now,” he said.
Brecksville Mayor Jerry Hruby said there are some property owners in his community who also have expressed concern with rising property values.
“They think it’s a little too high,” Hruby said. “Of course, when they go to sell it that will probably change. But they feel very strongly that their house is over-appraised and that they’re paying too much in taxes.”
Despite the spike in home values, Hruby said there has not been an abundance of residents contacting the city.
“I know that many people are very pleased with the fact that they are receiving the kind of dollars they’re receiving when they go to sell their homes,” he added. “That has become very important to our residents who are moving. A lot of homes are selling for asking price or above. So, people are happy about that.”
The triennial appraisals, required by Ohio law, take into account real estate market sale prices over the past three years, according to Lisa Rocco, of the Cuyahoga County Fiscal Office. A sexennial appraisal, conducted every six years, which last occurred in 2018, is a full appraisal based on in-person inspections of all properties.
“Every three years, we have to do an analysis based on sales from the last three years to keep the values up with the market so that there’s not such a huge jump every six years,” Rocco explained. “With interest rates being so low, we have not had a lull in home transfers over the last two years – they’re selling like crazy above asking price with no inspections and cash purchases. I’ve never seen anything like this, and they’re establishing the market.”
Rocco stressed that residents should not expect to see a rise in their property tax bills equivalent to the percentage increase in property value. She recommends all residents make use of the tax calculator available on the fiscal office’s website.
“Once you get over the sticker shock, go to our website and use our tax calculator,” she said. “First of all, you’re not going to get a one-for-one increase in your taxes. It may not go up as much as you think it will, because that’s what House Bill 920 does.”
House Bill 920, passed by Ohio lawmakers in 1976, prevents collections of many property taxes from going up along with inflation.
“My own home value went up by 28%, and my taxes are only going up $500 a year,” she shared. “People see that percentage and they panic. That’s why I’m saying to go to our website.”
Homeowners can contest the new appraisal values by filing a Complaint Against Valuation of Real Property with the Cuyahoga County Board of Revision between Jan. 1 and Mar. 31, 2022. For information, visit bor.cuyahogacounty.us.
“This isn’t about raising taxes; it’s all about the value,” added Rocco. “Unfortunately, the state law ties taxes to market values. But as the fiscal office, we’re tasked to keeping the values up to market and, unfortunately, the taxes are a result of that.” ∞