SIDNEY — Shelby County Auditor Amy Berning has announced that real estate values have increased in Shelby County and across most of the State.
As mandated by Ohio Revised Code, the values are to be adjusted on real estate every three years to keep up with the market. Sales of real estate were studied, by neighborhood, to determine if properties are selling for similar values to those in the county’s database. If sales are trending higher or lower than the values in the system, the neighborhood must be adjusted accordingly.
“I believe the extremely low mortgage rates have encouraged buyers to agree to pay higher prices, driving up the market,” said Berning. “We received a letter from the state of Ohio indicating that they found the average increase in value to be 20% in our county. Our analysis did not agree, so we submitted at 15.25%. The state rejected our report and informed us that they were looking for at least 17%. We resubmitted at a 16.53% average increase for the county, and they accepted it.”
Some neighborhoods saw a higher increase than the average and some lower. Because of the increases in property values, real estate tax bills for 2020, payable in 2021, have gone up in most neighborhoods, said Berning.
While many of the levies are adjusted by an effective rate so as not to collect more than they did in the year they were first passed, there are some levies that do collect at the full millage rate,” she said. In most years, stirring those together creates a smaller tax increase than the real estate value increase would suggest.
“However in 2020 we had another factor,” said Berning. “The CAUV formula (Current Agricultural Use Value) changed. The formula is complex, including a 5-year weighted average of crop prices, which have been down. This resulted in a reduction in value for CAUV acreage, which had been raised in 2014 by quite a jump. In order to collect the amount of funds needed to fulfill all of the levies, residential taxes make up the difference.”
Everyone is welcome to view the details of their property and related taxes on the Shelby County Auditor’s website. The property search has a new look and now offers a pie chart which shows exactly where your tax dollars will be going. This feature is accessed by selecting “Levy Distribution” after you have pulled up the property.
“The staff of the Shelby County Auditor is always happy to help with any questions you may have.” she said.
You can contact them at 937-498-7202 or email the auditor at [email protected]