Butler County Auditor Releases Triennial Values for 2011

Release:

HAMILTON, OHIO – Butler County Auditor Roger Reynolds announced today the results of the recent triennial property value update.

Homeowners will be most interested in how residential property values
faired. Countywide, home values declined an average of 4.3 percent.

In addition to the decline in residential values, commercial and industrial also fell. However, agricultural values bucked the trend and moved higher in value. If not for the state’s recent increase in agricultural values, the overall total taxable property value decline in the county would have been greater.
Soon, property owners will see a mailer from the Auditor’s Office that includes their 2011 valuation.

This triennial update, conducted by the Auditor’s Office and mandated by the State of Ohio, was based on a sales/market analysis of valid sales in conjunction with a similar study by the state. The revaluation does not include foreclosure, sheriff or bank sales.

“In 2009 we opted to reduce residential property values even though it was not a mandated revaluation year. It was an unprecedented move which turned out to significantly soften the blow on the 2011 trienniel reductions,” Reynolds said.

“Without the reductions in 2009 we would be facing double digit
declines this year.”

While some home owners will see their property taxes drop as a result of lower values, others will not because of newly voted levies. In areas where new levies were passed, such as the Fairfield City School District’s 6.5 mill school levy, taxes will most likely increase even though values declined.

An analysis of the auditor’s appraised residential values versus actual valid, arms-length sales the past three years shows that the office is being conservative. The average sale price of these 9,020 properties was $136,620 and the average appraised price by the Auditor’s Office was $133,606.

The entities that saw the largest residential decline in value include Middletown (8.0%), Hamilton (6.9%), and St. Clair Township (5.9%).

The decline in values will save most property owners a few dollars off their next tax bills. The decline will also impact local government funds. When base values are lower, the inside millage (10 mills can be collected as a levy without being voted on by the people in the taxing district) is lower, thus the general funds of the government will be lower. However, the impact will be less dramatic than in many
Ohio counties, and could have been much more severe. Reynolds’ decision to implement the 2009 property revaluation created a gradual adjustment instead of a one-time shock to local government.

As always, the County Auditor acknowledges that the revaluation is open for property owners to challenge with evidence of real discrepancies. “There is a county Board of Revision for home owners who may not agree with their appraisal, and we encourage them to have their property value reviewed if this is the case. They have until April 2 to apply for revision, and can do so by calling our office or visiting our website.” Reynolds said.

Reynolds acknowledged the challenges in conducting the 2011 triennial brought on by the tumultuous real estate market. “The decline in real estate values over the past four years has everyone frazzled. The record-numbers of distressed properties in the urban areas are clearly driving the market. As such, we have retooled our appraisal processes in order to properly value these neighborhoods,” Reynolds said.
“Overall, we were fair, accurate and diligent to reflect the true property values in Butler County. It was an arduous task, but worth the effort to bring values in line with market conditions and protect county taxpayers,” Reynolds said.

Residential Values
11TY
10TY
Middletown
% Change
432,077,810
469,671,850
-8.0043%
Sharonville
34,386,520
37,030,210
-7.1393%
Hamilton
608,755,500
653,755,290
-6.8833%
St Clair Twp
50,631,440
53,818,490
-5.9218%
Lemon Twp
13,171,720
13,893,680
-5.1963%
Fairfield Twp
381,071,380
400,667,020
-4.8908%
Oxford Twp
45,598,210
47,925,360
-4.8558%
West Chester Twp
1,194,440,030
1,254,775,380
-4.8085%
Seven Mile
10,472,960
10,991,150
-4.7146%
Milford Twp
56,595,750
59,262,780
-4.5003%
Liberty Twp
692,756,670
721,586,340
-3.9953%
Hanover Twp
141,117,950
146,884,220
-3.9257%
New Miami
18,078,860
18,809,150
-3.8826%
Wayne Twp
66,166,170
68,560,730
-3.4926%
Ross Twp
150,863,000
155,458,030
-2.9558%
Fairfield Corp
580,660,850
598,328,270
-2.9528%
Trenton
144,395,760
148,647,750
-2.8604%
Jacksonburg
750,110
770,360
-2.6286%
Madison Twp
130,795,030
133,403,190
-1.9551%
College Corner Corp
1,516,610
1,544,780
-1.8236%
Somerville
2,789,370
2,836,530
-1.6626%
Millville
10,164,710
10,255,060
-0.8810%
Monroe
194,272,710
195,277,310
-0.5144%
Reily Twp
48,583,190
48,773,840
-0.3909%
Morgan Twp
111,191,460
111,596,620
-0.3631%
Oxford Corp
192,882,010
191,570,490
0.6846%
County Value (Res Only)
5,314,185,780
5,556,093,880
-4.3539%
Overall Value
11TY
10TY
% Change
Middletown
629,063,320
690,790,990
-8.9358%
Hamilton
828,698,560
895,754,320
-7.4860%
Sharonville
43,299,200
46,478,210
-6.8398%
West Chester Twp
1,784,700,760
1,890,480,730
-5.5954%
Fairfield Corp
954,532,440
1,005,752,750
-5.0927%
Seven Mile
11,656,490
12,256,520
-4.8956%
New Miami
20,912,270
21,781,790
-3.9920%
Lemon Twp
29,644,870
30,786,950
-3.7096%
Fairfield Twp
418,946,220
434,826,150
-3.6520%
Liberty Twp
774,245,730
803,357,650
-3.6238%
St Clair Twp
126,052,070
130,606,330
-3.4870%
Trenton
171,652,080
177,143,210
-3.0998%
Hanover Twp
217,914,080
224,458,830
-2.9158%
Monroe
299,496,430
307,881,670
-2.7235%
Jacksonburg
776,530
796,300
-2.4827%
Ross Twp
184,339,060
188,422,510
-2.1672%
Somerville
3,054,340
3,105,920
-1.6607%
College Corner Corp
2,333,590
2,357,620
-1.0192%
Oxford Corp
294,859,530
296,364,250
-0.5077%
Madison Twp
218,286,490
219,294,290
-0.4596%
Milford Twp
77,659,520
77,807,220
-0.1898%
Oxford Twp
64,384,720
64,386,830
-0.0033%
Morgan Twp
173,152,430
172,884,990
0.1547%
Wayne Twp
89,333,340
88,991,610
0.3840%
Millville
11,859,070
11,807,470
0.4370%
Reily Twp
70,464,270
67,292,570
4.7133%
County Value (inc *PUPP)
7,501,317,410
7,865,867,680
-4.6346%
* PUPP = Public Utility Personal Property