Citizens For A Better Norwood

Wednesday, February 21, 2007

Jeff Anderson’s Rookwood Exchange property taxes down again…waaaaaay down!

Where‘s the Enquirer update on this June article?

The question we asked in our 8/30/06 blog, “Jeff Anderson’s yo-yo property taxes - up, down, where next?” was answered this past October when his 73 Rookwood Exchange parcels were reassessed for their land value only. Our recent check of most of the Exchange parcels (Atlantic, Garland, Edmondson Avenues) on the Hamilton County Auditor’s website showed each new reassessment with the notation, “Value of Bldgs, Destroyed or Demolished.” Without a doubt, the total value of these properties has plummeted from Anderson’s original purchase price of $21.6 million to the approximate pre-purchase value of $11 million after he protested, and now to the land values only, which may be as little as $3.2 million or less.

Below is a typical “value history” page posted on the Auditor’s website for one of Anderson’s parcels:

2639 Garland:
2006 -10/13/2006 - $18,800 - $0 - $18,800 - Value of Bldgs, Destroyed or Demolished

2006 -10/13/2006 - $18,800 - $118,400 - $137,200 - All ReClassified Real Property

2005 - 9/29/2006 - $18,800 - $118,400 - $137,200 - Changes by Board of Revision, Tax Appeals, Courts

2005 - 9/17/2005 - $18,800 - $216,200 - $235,000 - Reappraisal, Update or Annual Equalization

2002 - 10/8/2002 - $18,900 - $100,000 - $118,900 - Reappraisal, Update or Annual Equalization

1999 11/6/1999 - $16,200 - $85,900 - $102,100 Reappraisal, Update or Annual Equalization

The 2005 above-market sales prices of the Exchange properties played a part in adding value to the Auditor’s last reassessment of Norwood homes, yet now those same properties are worth a fraction of the sales prices, as well as the pre-sale prices, and will be taxed accordingly for an unknown number of years. What will this loss of property tax revenue cost Norwood and Hamilton County taxpayers over time? Plenty. What, if anything, will this do to our home values the next time they‘re assessed? Why does it now feel like Norwood’s misadventure with Jeff Anderson is dipping into taxpayers’ pocketbooks? Because it is.