Medina County Auditor Mike Kovack has been notified by the Ohio Department of Taxation that real estate values for tax purposes will increase 27% next year, based on housing sales in the county over the past three years. Medina County is undergoing the state-mandated triennial reappraisal process this year.
Kovack said he hopes to negotiate that rate downward slightly with the state, but there is no doubt homeowners will see large value increases this year.
“These past three years have been, without question, the hottest real estate market I’ve ever seen in Medina County,” Kovack said. “And I have seen some real boom times here.”
Medina County’s real estate value increases are reflective of the nation at large. The National Association of Realtors indicated home sale prices across the country increased 16.9% just last year, the highest increase on record. Medina County last adjusted property values in 2019, based on sales between 2015 and 2018.
“We will now begin the process of reviewing the state’s order and implementing increases across the 54 taxing districts in the county,” Kovack said.
He expects notifications to start going out to homeowners on a rolling basis by the middle of August. At that time, informal hearings will be set up across the county to allow homeowners to discuss valuations with the auditor’s office staff.
Kovack reminds homeowners that property taxes do not automatically increase by the same percentage as value increases. Due to Ohio’s “rollback law,” voted tax rates are lowered, or rolled back, as property values increase. Non-voted levies, or inside millage, are not rolled back, leading to property tax increases. There are a number of different factors that will affect property owners tax bills from the reappraisal, but most of those factors will not be known until the state-mandated reappraisal is complete later this year. ∞