2018 Cuyahoga County Reappraisal Valuations See Large Hikes

Values Increase for Residential and Commercial Properties

Every six years the tax commissioner for the State of Ohio requires the Cuyahoga County Fiscal Officer to reappraise all real property in Cuyahoga County. This statutorily required reappraisal occurred between July 2017 and May 2018.

Every property in Cuyahoga County, approximately 526,000 homes and commercial properties, was physically viewed and appraised.

The county-wide residential value has increased by 10.8 percent, county-wide commercial/industrial value has increased by 8.7 percent, and the county-wide total for all classes has increased by 10.1 percent, shown in the attached revaluation impact maps.

In West Shore communities like Bay Village, Westlake and Rocky River, valuations rose more dramatically. Values in Bay went up over 18 percent, 20 percent in Rocky River and 10.5 percent in Westlake (see attached charts). Double digit values are also seen in North Olmsted, Fairview Park and Lakewood (22.5 percent).

“We have felt that the county is on a great upswing, and the county-wide reappraisal confirms our progress,” said Cuyahoga County Executive Armond Budish. “I am pleased that overall our property values have significantly increased. It’s a sign that our county is prospering.”

“We have seen growth in the vast majority of our communities,” stated County Executive Budish. “But some areas of the county are stronger than others. We will redouble our efforts to help those communities that have not kept pace.”

The 2018 reappraisal proposed valuation notices were mailed, starting yesterday, July 26, 2018 and continuing throughout the week to approximately 450,000 residential and commercial taxpayers.

A residential taxpayer who disagrees with the proposed property value may informally dispute it by filing online, mailing in the property owner response form that is included with the mailers, or by attending any of the conference site locations. Commercial taxpayers are advised to mail the property owner response form to file an informal dispute. The deadline to contact the Fiscal Office is August 31, 2018.

Formal complaints can be filed through the Board of Revision’s website from January 1, 2019 to March 31, 2019.

For a list of frequently asked questions, visit: https://fiscalofficer.cuyahogacounty.us/en-US/2018-Re-appraisal-FAQ.aspx

Q: How will the value change impact my taxes?

A: We (Cuyahoga County) will be unable to determine the tax impact until tax rates are certified by the State of Ohio in November. Property taxes are controlled by Legislation that was passed in Ohio in 1976. House Bill 920 is a property tax reform measure whose purpose is to keep inflation from increasing property taxes on voted levies. HB 920 reduces tax rates to a level that will generate only the amount of money originally approved by the voters. For more information please visit https://fiscalofficer.cuyahogacounty.us/en-US/budget-commission.aspx

Q: What is the difference between “Market Value” and “Assessed Value”?

A: “Market Value” is defined as the price your property would likely sell for in an open and competitive market between a willing buyer and willing seller, neither being under any undue pressure, both having full knowledge of all relevant facts about the property and the uses to which it may be put. “Assessed Value” on real estate is set at 35% of market value by the State of Ohio. Assessed Value is the value of taxable property to which the tax rate is applied to compute the amount of property taxes.