Medina County property values are on the rise for the first time since the end of last decade’s economic recession, according to a three-year property reappraisal.
The report released Monday by the county auditor’s office estimated an 8 percent average increase in residential property value and a 5 percent average increase in commercial property value. Industrial and agricultural property prices remained stable.
These averages are based on sales data recorded from January 2013 to December 2015. The past two reappraisals have shown a shift in the opposite direction, with the average home value dipping 7 percent in the 2010 release and 3.5 percent in the 2013 release.
County Auditor Michael Kovack said the report lags behind the market, because it uses data from the last three years. Medina County mostly has recovered from the 2007 to 2009 recession, he said.
“It’s a tremendous sellers market out there right now because Medina County real estate is hot again,” Kovack said. “We’re pretty much recovered.”
Though the numbers indicate economic recovery has come to Medina County, the new appraisals mean higher taxes may be on the horizon for some homeowners. This also means increased revenues for local governments and schools.
The new tax rates will not be calculated until December but, without any new levies, a 10 percent rise in property value usually results in a 2 percent tax increase, according to the auditor’s office.
The auditor’s office will host a series of informal hearings on the new valuations. In the past, some residents have contested their reappraised property values and presented information that could change the valuations, Kovack said.
Property valuations did not increase uniformly countywide. Of the 52 tax districts, Chippewa Lake Village saw the largest increase at 16.3 percent.
Kovack said the already low property values in the area mean even a small shift in sales price could have a large effect on the overall percentage.
“You still have a lot of lower-priced real estate in Chippewa,” he said. “There’s a movement to invest in that real estate because of the lake itself.”
Westfield Center was the only area that did not see an increase in property value. The average property value dipped about 1 percent. Kovack said a large condo complex in the village may have affected the average valuation.
Tax areas in the county’s three cities all saw between a 7 percent and 9 percent property value increase — close to the county average.
Kovack said his office monitors property values between the state-mandated reappraisals and was unsurprised by the upward shift in property values.
Residents in the western potion of the county will receive letters about the changes this week followed by Brunswick next week, Medina the week of Aug. 29 and Wadsworth the first week of September.
IF YOU GO
Chatham Township Community Center, 6306 Avon Lake Road
- Aug. 31, 11 a.m.-7 p.m.
Brunswick Library, 3649 Center Road
- Sept. 7, 1-8 p.m.
- Sept. 8, 11 a.m.-7 p.m.
Wadsworth Library, 132 Broad St.
- Sept. 14, 11 a.m.-7 p.m.
- Sept. 28, 10 a.m.-6 p.m.
Medina County Administration Building, 144 N. Broadway St., Medina
- Sept. 20, 8 a.m.-8 p.m.
- Sept. 21, 8 a.m.-8 p.m.
- Sept. 22, 8 a.m.-8 p.m.
- Sept. 27, 8 a.m.-8 p.m.
- Sept. 29, 8 a.m.-8 p.m.
Contact reporter Elizabeth Dobbins at (330) 721-4063 or firstname.lastname@example.org.