Home values in Summit County are up 31%. That could mean property tax increases for some homeowners
Summit County homeowners may have been in for a surprise earlier in August when the county’s fiscal office notified them of a significant property value increase.
Home values shot up 31.4% across the county — which means property taxes will likely increase next year.
However, tax rates will not increase at the same proportion as the property value increase, said Mike Migden, assistant chief of staff in the Summit County Fiscal Office.
Here’s what you need to know about the new values and tax increases.
Why did the values change?
The county is required by the state to reappraise home values every three years, Migden said.
The state used to calculate reappraisals based on the past three years of home sale prices in the county. But starting in 2020, reappraisals are now based on home sales in just the previous year, he said. In this case, that's 2022.
That smaller pool of financial data, coupled with skyrocketing home prices after the pandemic, resulted in the historic value increase, Migden said.
“The prices are at all-time highs, and that does not seem to be slowing down, either,” he said. “Our analysis is showing sales in 2023 in our region are still increasing.”
This year’s value increase is strikingly higher than the previous two reappraisals, Migden said. Property values went up 12% in 2020 — the first year reappraisals were based on just one year of home sale data, rather than three.
In 2017, values increased just 8%, Migden added.
How much will my taxes go up?
One common misconception, Migden said, is that property taxes will rise at the same rate as the property value. That’s not the case, he said.
“Property taxes will not rise in proportion to a property value increase,” Migden said. “A 31.4% aggregate county-wide reappraisal increase does not equate to a tax increase of that proportion, at that rate.”
It’s not yet known how much taxes will increase for each homeowner, he said. It will ultimately depend on which school levies pass in the November election, among other factors, he said.
The state will set property valuations in December, Migden added.
Is it a 31% increase countywide?
The 31% figure is the average across the county, Migden said. Different areas of the county will see different increases.
Home values in Akron, Coventry Township, Clinton and Mogadore increased 40% or more — with Coventry leading the county with a 44% average increase.
The village of Peninsula saw the lowest rate increase, 8%, according to data provided by the Summit County Fiscal Office.
Is Summit the only county affected?
Ohio’s counties are on different schedules for appraisals, he said. This year, 13 counties, including Summit and Wayne, were due for their reappraisals.
Compared to the others, Summit’s average value increase was middle-of-the-line. Clermont and Belmont counties in southwest Ohio went up 43% and 42%, respectively. Wayne County’s values increased 38% while Ashtabula’s went up 32%.
Next year, Cuyahoga, Stark and Portage counties will have to go through this same process, Migden said.
“There’s the potential to see an even greater increase based on 2023 sales still continuing to rise,” Migden said.
What do I do if my new value seems inaccurate?
If homeowners disagree with their new property value, there is still time to submit an adjustment to the state, he said.
Homeowners can schedule a meeting with county appraisers virtually, over the phone or in person at community meetings, Migden said.
To change the value, “there has to be sufficient evidence,” he added.
“If there’s a comparable sale in their neighborhood we could look at,” Migden said. "If they happened to refinance their home and had a recent appraisal that’s lower than our new value, we can consider that."
Meetings will be held at various locations across the county, starting Tuesday in Barberton and continuing through the end of September. Residents can sign up for a time to meet in person, virtually or over the phone on the fiscal office’s website.
The meeting schedule is as follows:
- Tuesday, August 15, 2023: Barberton Active Adult Center; 500 W. Hopocan Ave., Barberton, Ohio 44203
- Wednesday, August 16, 2023: Stow City Hall Council Chambers; 3760 Darrow Rd., Stow, Ohio 44224
- Tuesday, August 22, 2023: Tallmadge Community Center Hall; 80 Community Rd., Tallmadge, Ohio 44278
- Wednesday, August 23, 2023: Fairlawn Kiwanis Community Center; 3486 S. Smith Rd., Fairlawn, Ohio 44333
- Tuesday, August 29, 2023: Twinsburg Community Center; 10260 Ravenna Rd., Twinsburg, Ohio 44087
- Wednesday, August 30, 2023: Firestone Park Community Center; 1480 Girard St., Akron, Ohio 44301
- Tuesday, September 5, 2023: Cuyahoga Falls Lions Park Lodge; 641 Silver Lake Ave., Cuyahoga Falls, Ohio 44221
- Tuesday, September 19, 2023: Green Central Park Community Hall; 1755 Town Park Blvd., Green, Ohio 44685
- Wednesday, September 20, 2023: Richfield Village Hall Council Chambers; 4410 W Streetsboro Rd., Richfield, Ohio 44286