Housing Values Decrease 8%
Printed From: MiddletownUSA.com
Category: Middletown City Government
Forum Name: City Income and Property Tax
Forum Description: Discuss Tax issues, current, past and upcoming.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=4314
Printed Date: Nov 21 2024 at 7:20pm
Topic: Housing Values Decrease 8%
Posted By: VietVet
Subject: Housing Values Decrease 8%
Date Posted: Jan 08 2012 at 9:38am
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Today's Journal...
Middletown property values fall 8 percent Foreclosures, poor economy behind second biggest drop in county Foreclosures and the impact of the economy for the past three years have caused property values in Middletown and Hamilton to drop the lowest in Butler County The greatest declines in residential property values were in Middletown, 8 percent; Hamilton, 6.9 percent; and St. Clair Twp., 5.9 percent. Because property is worth less, the tax base for school districts, cities and counties will shrink more, Butler County Auditor Roger Reynolds said. That means most homeowners will pay less in property taxes, but it also means many people’s biggest asset, their house, continues to have less value, Reynolds said Middletown’s drop in housing value is the worst because the city is experiencing one of the highest rates of unemployment, which drives foreclosures and bank sales, Reynolds said. “Foreclosures in the urban areas are certainly driving the market,” Reynolds said. “The numbers show Middletown suffering the most in this housing decline. Every six years, the auditor’s office is required to do a full reappraisal of properties. The new values are retroactive to Jan. 1, 2011. "THE NEW VALUES ARE RETROACTIVE TO JAN 1, 2011". IF THAT'S THE CASE, THEN ALL OF US PROPERTY OWNERS SHOULD BE GETTING A REFUND FROM JAN 1ST TO CURRENT FROM THE AUDITOR'S OFFICE BECAUSE WE HAVE BEEN PAYING ON THE PREVIOUS APPRAISED VALUES AND THEY HAVE BEEN COLLECTING TAXES ON THE HIGHER VALUED AMOUNT SINCE THAT DATE. WE ARE OWED THE DIFFERENCE IN WHAT WE PAID VERSUS THE LOWER VALUE NOW BACK TO JAN. 1ST. Residents who own property will receive a letter in the mail this month telling them their new property value. THAT'S FINE. THE LETTER SHOULD ALSO INCLUDE WHAT WE HAVE OVERPAID IN PROPERTY TAXES, THE AMOUNT OF THE REFUND AND WHEN WE WILL RECEIVE IT. IF IT DOESN'T, ROGERS CAN EXPECT A CALL FROM ME. THEY AREN'T KEEPING MY OVERPAYMENT THROUGH THE ESCROW. |
Replies:
Posted By: Mike_Presta
Date Posted: Jan 08 2012 at 7:41pm
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You are correct, Vet. But don’t forget “the rest of the story”, the other side of
the proverbial coin! Remember what happens when we pay less tax. That means that someone collects less
tax. In this case, the Middletown City
School District (MCSD), and to a lesser extent the City of Middletown and
Butler County, will be receiving less of our hard-earned money. This will leave a hole in their budgets. I doubt that they will stand still for this. How many guesses would you like as to how
they will try to fill these budget gaps??? Don’t make plans for your apparent windfall. Local government entities already consider it
“their” money and will fight to keep it by hook or crook!!! ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Jack Black
Date Posted: Jan 08 2012 at 7:54pm
| This furtherance of declining residential property values will surely prompt Miss Judy and Doug Adkins to concoct yet another bloated Federally-funded housing revitalization program for Middletown. NOT!! |
Posted By: Chris Fiora
Date Posted: Jan 09 2012 at 1:04pm
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Vet, Your statement regarding a property tax re-fund is not accurate. Property taxes are paid one year in arrears. The taxes we pay in 2012 are actually for tax year 2011. ------------- |
Posted By: VietVet
Date Posted: Jan 09 2012 at 3:41pm
You are correct Mr. Fiora. Then by this thinking, the taxes we will pay in 2012, should, at some point be reduced to cover the property devaluation seen in 2011. We are due a refund, no matter how the taxes are figured if we are going to receive a letter from Reynolds telling us our property has slipped 8%. The auditor can't keep money that was collected on property taxes figured for a higher rate of value when the property was actually worth less by his own admission, whether it be 2011 or 2012. That is an overcharge and needs to be returned to the owner. |
Chris Fiora wrote:Posted By: Chris Fiora
Date Posted: Jan 09 2012 at 4:07pm
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Vet,My understanding is that the taxes that we pay in 2012 will be based on the reassessed 2011 values. When we next pay our tax bill (next month?) it should be less than we paid last year assuming that your home was reassessed at a lower value. I don't see where you are getting that we will be due a refund as the property taxes we paid last year (2011) were for tax year 2010. The only way that we would be entitled to a refund is if our next tax bill was not based on the reassessed tax value and the auditor's office asks us to pay on the old value. I'll be suprised if the next bill is not based on the new value. Now if you escrow with a bank, and the bank continues to ask for the same amount of money or if the bank collected last year based on the old rate (in order to accumulate enough in the escrow fund for this year's bill), then the bank may owe you some money. ------------- |
Posted By: Bobbie
Date Posted: Jan 10 2012 at 9:24am
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Some individuals have a set monthly payment to the county as well. Therefore they do not have a large bill to pay when they come due. Those individuals would have a refund from the county - or have it set they do not pay monthly till the overage is caught up. - Which may be what Vet is referring too. Escrow accounts will have an overage - this will not be caught till the bank does the annual re-evaluation on your account. You can request to have this done earlier then scheduled if you like. This would result in a refund from your bank and a reduction in payment.
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