Thursday, November 05, 2009

BUTLER COUNTY: Reynolds Continues Revaluations

HAMILTON, OH – Butler County Auditor Roger Reynolds committed in 2008 to adjust property values on his own this year and the process is nearing completion. After taking office in April of 2008, when a state-mandated revaluation based on higher market values (2005, 2006, 2007) had been virtually completed, Reynolds promised to analyze values this year and adjust them accordingly.

“Butler County did not escape the free fall of home values in 2008 and 2009,” Reynolds stated. “While there has been some recent stabilization of the market, homes are clearly selling for less than they were in 2006 and 2007.”

The revaluation will take into account residential sales data collected in 2008 and 2009.
By utilizing the office’s real estate software, the majority of the work has been accomplished in house.

Reynolds sees different levels of decline across the county. “Based on real data, certain areas of the county have faired better than others. As expected, homes in suburban areas such as West Chester and Liberty Township have declined, but not near the level of decline that we have seen in the more urban areas of Hamilton, Middletown and parts of Trenton.”

“The bottom line is the state regulated 2008 revaluation was based on 2006 and 2007 data, which did not come close to reflecting the economic realities of the last two years. I am committed to analyzing and reducing values wherever necessary,” Reynolds said.

After this year’s revaluation, the next scheduled county-wide review will take place in 2011. “Like all property owners, I’m hopeful values recover and the economy strengthens. However, until such time I’m committed to appraising real estate at a conservative, fair value.”

Reynolds plans to have the reductions in place before the end of the year.