County Auditor Jennifer Hunter was not surprised when the results came in for Madison County’s property value reappraisal.
Madison County residential property value has increased an average of 15 percent since the last full appraisal was conducted in 2014, according to the results of the three-year reappraisal update released Wednesday.
However, farmland value fell an average of 24 percent in Madison County for the same appraisal period.
According to Hunter, property values are on the rise throughout Madison County, but the increase is greater or lower depending on the location. The Ohio Department of Tax Equalization had initially mandated an overall increase of 18 percent for Madison County residential values, but her office held the residential value increase to a county-wide average of 15 percent.
“No, I wasn’t surprised by the numbers. It was about what I figured based on the sales (of property) that I’ve seen compared to prior numbers. The sales were coming in at a lot higher numbers in certain neighborhoods but the sales overall were coming in higher numbers than our previous values. So it didn’t surprise me. We’ve seen a recovery in the real estate market the last few years,” Hunter said.
She said this recovery is being reflected in the higher residential property values in Madison County.
But the story may be different for Madison County farmers, who have been looking for property tax relief in recent years. Hunter said that based on the new Current Agricultural Use Value (CAUV) formula “their property values will be going down and that probably will be reflected in property taxes also.” The CAUV values for Madison County soil types have decreased an average of 24 percent compared to 2014 values.
Agricultural values are set using the CAUV tables. These rates are set by the state of Ohio and due to new legislation, there are several changes to the CAUV program. New soil values will be phased in over the next two valuation cycles beginning with 2018 tax bills.
Under continuing law, farmland in a federal land retirement or conservation program is eligible for CAUV. If property owners are enrolled in these programs, a copy of the federal contract will need to be provided to the auditor’s office along with the CAUV application.
“The valuation for farmland has definitely gone down, I believe an average 24 percent for this update. Because of the amount of the decrease, it is being spread out over two re-evaluation cycles. So there will be a decrease this year and likely three years later,” she said. This change in valuation is based on the new Ohio Legislature changes in the CAUV formula.
What areas of Madison County showed the highest increase in property values?
“I did see higher values in some neighborhoods such as Lake Choctaw and further north in Plain City. Those areas were a little higher in value,” Hunter said.
She called the jump in value a mix of good and bad. “You want your property value to be higher, but you don’t want to pay taxes on it,” she pointed out.
This update is one of the many statutory duties required of the county auditor’s office. Property values are required to be reappraised every six years with an update of values done every three years in between.
As in 2014, location is the biggest factor in the changes. While a few Madison County neighborhoods have experienced a large growth in value since the last reappraisal, other neighborhoods only had a modest change.
Hunter said she is hoping that residents will be able to find out specifically what their reappraisal is on the county auditor’s website “within a week.”
These tentative new values will be listed on the website at: http//madisonoh.ddti.net/. If you would like to speak to an appraiser regarding your new values, the auditor’s office is now scheduling appointments for Sept. 18 and Sept. 29. To set up an appointment, call 740-852-9717.