Ham. Co. property values down 7.7%, Norwood down 9.81%
Yesterday's Enquirer announced (we can't get the link to publish) that the once every-six-year property reassessment conducted by the Hamilton County Auditor found that the county’s property is now worth $57.6 billion, a 7.7% drop or $5 billion less than the previous year’s assessment. Every city and township saw overall declines that will have huge repercussions for taxpayers, governments, and real estate buyers and sellers. According to the Enquirer, “For taxpayers, the lower assessed values may, ironically, mean higher tax rates - thought not necessarily higher tax bills. When voters pass levies for schools or police or roads those levies are for set dollar amounts. As assessed values fall, each property, on average, will have to chip in a higher percent of the home's value to ensure the levy brings in what it's supposed to. Those with properties whose value declined less than their neighbors will end up paying more taxes; those whose properties declined more than their neighbors will pay less.” Norwood properties are down 9.81% from last year.