timberland classic boat but taxes likely to see only modest growth
NEWARK The value of residential and agricultural property in Licking County shot up in recent years, but that does not mean people’s 2018 property taxes will increase accordingly.
The Licking County auditor’s office began sending out preliminary tax year 2017 valuations to all property owners on Friday. The new estimated market value of property isbased on the six year reappraisal of residential and agricultural property not in theCurrent Agricultural Use Value program.
The average increased valuein Licking County’s residential and non CAUV agricultural land has been estimated at 14.1 percent since the 2014 triennial update. The average tax increase, however, has been estimated at 2.1percent.
“It’s been painful, but we’ve gone through every parcel to apply a new value, an appropriate value on it,” Licking County Auditor Mike Smith said. “This is the most accurate the values have ever been.”
Five of the 11 school districts in Licking County show average property value increases greater than the countywide average, led by Northridge (17.8 percent), followed by Licking Heights (17.4 percent), Johnstown (15.8 percent), Granville (15.1 percent) and Southwest Licking (15.0 percent).
The averagetax increase for property owners in the Northridge Local School District has been estimated at 3.57 percent, but the actual increase will vary for each property owner.
“Northridge is a huge agricultural community and those market values were artificially low,” Smith said. “Land value wasn’t adjusted as market value changed over time.”
The lowest increase was in Newark, where values increased 10.6 percent and the average tax increase was slightly less than 1.2 percent.
Property owners can request an informal hearing later this month, before the reappraised values are final,on one of five dates. Or, theycan challenge the newproperty values at next year’s Licking County Board of Revision hearings.
The reappraisal effort represents the most comprehensive review of property values ever in the county, Smith said, correcting some obvious inequities.
Some subdivisions, or even one block in a neighborhood,had similar homes with widely varying property values, Smith said.
“Now, there’s some equity on a block,” Smith said. “People should look at that number and say, yea, I thinkI can sell my house for that.”
Since values were traditionally based on sales, a home built in the 1950s, for example, with an owner who never sold, would likely be considerably undervalued, Smith said.
The property values for this reappraisal are far different from the 2011 reappraisal, when the county was still reeling from the recession.
“Three years ago, it was a different real estate market, with sales not as robust,” Deputy Auditor Chad Fuller said. “There was not much change at all.”
Property taxes are based on home sale prices, improvements to the property and passage of new levies or replacement levies. As total value increases, the effective rate of a tax levy goes down. And, if values go down, the rate increases, so levies collect only the amount voted.
All counties will submit their estimates to the state in October. The state runs the final calculations by Dec. 1, and counties begin mailing out tax bills in January.
Property tax reappraisalFollowing are the 11 school districts located entirely or primarily in Licking County, followed by the average increased property valuesand average increased property taxes, based on preliminary estimates.