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Started 9 months ago by News
Latest reply from -Nick-
poll: In the Great Audit of 2011, did your house value go up or down?
Up by more than 20% : (9 votes)

23 %

Up by less than 20% : (13 votes)

33 %

Barely changed / Didn't change : (2 votes)

5 %

Down by less than 20% : (13 votes)

33 %

Down by more than 20% : (2 votes)

5 %

39 votes

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News
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Franklin County property values sink
By Robert Vitale
The Columbus Dispatch Sunday August 21, 2011

Franklin County homeowners have lost nearly $3.7 billion in property value since 2005, according to new appraisals being released this week by Auditor Clarence Mingo.

Owners of more than 440,000 homes, condominiums, farms, commercial properties and parcels of land will find out how they are affected through letters going out on Tuesday. Mingo said it’s the first time in modern history — records date to 1943 — that Franklin County’s total value has dropped in the six-year interim between state-required reappraisals.

READ MORE: http://www.dispatch.com/content/stories/local/2011/08/21/county-property-values-sink.html

Posted 9 months ago #
News
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Franklin County Property Reappraisal Begins Next Week
By: Clarence Mingo

Property owners in Franklin County will receive a letter from me during the week of August 21 informing them of the 2011 Reappraisal “tentative value” for their property.

The word “tentative” above is important to note. Property values will not be finalized until later this fall. During September, each property owner in Franklin County will have the opportunity to sit down with a qualified appraiser in a one-on-one setting at an Informal Value Review. All owners are welcome to attend to offer supporting information to justify a different value or for those who are merely curious to inquire about the process.

READ MORE: http://www.columbusunderground.com/franklin-county-property-reappraisal-begins-next-week

Posted 9 months ago #
Rockmastermike
CORNspiracy HQ
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it was just pointed out to me that on first glance it seems there is at least the appearance of correlation between burbs with failed school levies and the ones that dropped greater than 10% (I say "at first glance" because I have not done the legwork to see if its actually correlated beyond the "looks like it" level).

obviously correlation does not equal causation and this is a VERY VERY small sample size. And of course every district has their own stories and challenges with school funding votes and such. The economic downturn has been hard on most everyone so obviously that's the major driver of any funding choices right now. But if there really is a strong correlation (on a statewide study) it might help either prove/disprove the notion that not passing levies ends up costing more in property value (because of community perception really I think) than the savings in tax.

Someone with more information and inclination might want to look into this (perhaps already done!). I'm just kinda 'thinking out loud' here and pondering what all of this really means.

Also, that's not a very flattering photo of Mr. Mingo. He might want to get another picture taken or something. But that's all neither here nor there.

Posted 9 months ago #
News
Columbus Underground
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Many Local Homeowners Will See Lowered Property Values
By: TED HART
Published: August 22, 2011

Carol Corcoran of Whitehall says she doesn’t need a notice from the Franklin County auditor to know that her property value has declined.

"I'm stuck. I'm a prisoner in my own house now. I can't sell. I can't get something smaller for myself now. It's terrible," Corcoran said.

READ MORE: http://www2.nbc4i.com/news/2011/aug/22/3/many-local-homeowners-will-see-lowered-property-va-ar-699520/

Posted 9 months ago #
CharlieMike
columbus
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I just got my new property values from the auditor. I don't know what they're smoking. My one property's value went up by 24% and the other by 35% according to them. What the hell? Anyone else getting crazy values from the auditor?

Posted 9 months ago #
cbus11

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CharlieMike said:
I just got my new property values from the auditor. I don't know what they're smoking. My one property's value went up by 24% and the other by 35% according to them. What the hell? Anyone else getting crazy values from the auditor?

I think a lot of people will be seeing an increase and some by a pretty large margin. The county needs money. I think this will be especially true in the inner ring/central nieghborhoods where some properties have not been audited in awhile and where many have been renovated. The 11 scariest words in the English langage are:

"I am from the government and I am here to help."

Posted 9 months ago #
CheeseFoodie
Harrison West
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I assumed my property value might rise somewhat, but 24.7%? I WISH I could get what they say my house is worth, but that won't happend for a very long time.

Posted 9 months ago #
Walker
The KLD / Downtown
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We bought in late 2008 and refinanced at the beginning of this year. Our appraisal said the value of the home jumped 60% from when we bought it, which was great news for refinancing. Hopefully the auditor doesn't feel the same way. ;)

Posted 9 months ago #
mbeaumont
Italian Village
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Ours went up 20%.

Posted 9 months ago #
Pablo
Crestview Addition
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We live in South Clintonville - ours went up only 2%

Posted 9 months ago #
misskitty
Columbus
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Shit I am one of the dropped values
what was once 62k is now 40k.
This sucks

Posted 9 months ago #
Coremodels
Really close to Explorer's Club.
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Pablo said:
We live in South Clintonville - ours went up only 2%

I'm sure its the food trucks dragging you down.

Posted 9 months ago #
howatzer

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people, people, the auditor's mass appraisal has little, if any, actual bearing on what you would get if you sold your house.

See the FAQ's about the appraisal process on the auditors website.

Posted 9 months ago #
CharlieMike
columbus
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howatzer said:
people, people, the auditor's mass appraisal has little, if any, actual bearing on what you would get if you sold your house.

See the FAQ's about the appraisal process on the auditors website.

However the amount you would get if you sold your house should have bearing on what the auditor's appraisal is. In my case the appraisal is approximately 37% higher than what I would get if I sold my house. That's not right.

Posted 9 months ago #
mrsgeedeck
Castle of Lions
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We just bought and are less than a month in, the reappraisal is over +40%. Happy we bought well, preparing now for next years tax increase.

Posted 9 months ago #
Pablo
Crestview Addition
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Coremodels said:
I'm sure its the food trucks dragging you down.

Food trucks AND the Hustler Hollywood.

I realize my sale price is much greater than my tax value. I'm just glad my property taxes aren't going up too much next year.

Posted 9 months ago #
Roland
Clintonville
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Down 7%

I'm surprised that it went down, but I don't really put too much stock in their valuation. The only certain impact will be on my property tax.

Posted 9 months ago #
Walker
The KLD / Downtown
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Walker said:
We bought in late 2008 and refinanced at the beginning of this year. Our appraisal said the value of the home jumped 60% from when we bought it, which was great news for refinancing. Hopefully the auditor doesn't feel the same way. ;)

Got the letter today... auditor's value dropped our house around 25%.

Will be interesting to see how that affects our taxes. They were pretty low to begin with.

We don't really plan on selling anytime soon anyway, so I guess it doesn't matter too much. ;)

Posted 9 months ago #
kcrissinger
Brookshire
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My neighborhood, Brookshire, went down about 15-20%. That seemed a bit extreme. However, a large portion of the west side looks like it absorbed a bit hit.

Posted 9 months ago #
chaptal
West Side
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I'm on the west side, south east of Westgate my assessed value dropped by over 30%. Holy crap.

Posted 9 months ago #