MEDINA ? New construction in Medina County added $53 million to next year?s property tax rolls, according to the county auditor?s office.
Residential construction ? including new homes, additions and improvements ? completed between Jan. 2, 2011, and Dec. 31, 2011, resulted in a $63 million jump. But the residential increase was dampened by a $10 million decline in commercial and industrial values.
Overall property values in the county went up about 1 percent, county Auditor Mike Kovack said.
Kovack said the increase means some additional revenue for schools and local governments, but ?not a great deal more, though.?
The increase is another indication the housing market may be recovering after the collapse of the real estate bubble that triggered the Great Recession of 2008-09.
While the resulting decline in home values was much less in Ohio than Sun Belt states, such as Arizona, Nevada and Florida, it was still substantial. The average home value in Medina County dropped 7 percent last year as a result of the 2010 triennial update.
Kovack speculated that home values have stabilized because ?we?re starting to see increases.?
Appraisals occur every six years, with updates midway between. The next appraisal is scheduled for 2013.
The increase in residential construction wasn?t evenly distributed across the county, with townships leading the pack.
Montville Township saw the biggest leap in residential construction at $7 million, according to auditor?s records. Brunswick Hills, Sharon and Hinckley townships gained more than $6 million each.
Among the county?s three cities, Wadsworth saw the most new home construction ? about $6 million ? with Brunswick following at about $5.8 million.
The city of Medina recorded only about $500,000 in residential construction ? ?almost nothing,? Kovack said.
Kovack said there was $43 million worth of industrial and commercial construction. But that gain was more than offset by $53 million in reductions approved by the Medina County Board of Revision.
?The reason we saw the value drop is that during the 2010 reappraisal, the state did not allow us to reduce values,? Kovack said.
On a positive note, the auditor?s office pointed out that the recession actually slowed the county?s pace of agricultural land loss.
In 2011, about 1,400 acres were lost to residential, commercial and industrial expansion ? down from 1,600 or 1,700 in previous years, Kovack said.
Contact reporter Nick Glunt at (330) 721-4048 or nglunt@medina-gazette.com.
Print this story Report an innappropriate comment Source: http://medinagazette.northcoastnow.com/2012/11/28/medina-county-gets-a-tax-boost/
wrestlemania 28 results earl scruggs game of thrones wrestlemania 28 game of thrones season 2 dierks bentley kenny chesney
No comments:
Post a Comment