TROY — Major increases in residential property values and, in turn, increases in the total amount of property tax billed, has sparked hundreds of inquiries to the Miami County Auditor and Treasurer offices since property tax bills hit mailboxes Jan. 17.
The culprit for the phone calls, in-person inquiries and emails is an increase in values due to a regular market reassessment by the county auditor.
Residential property values went up almost 25 percent overall, and total property tax billed across all property types increased 10.9 percent for 2023, according to information from Miami County Auditor Matthew Gearhardt and Treasurer Jim Stubbs.
The increases vary depending on where someone lives and the types of tax levies they pay.
Property owners who disagree with the triennial value adjustment and their tax bill can file a “DTE1″ complaint form with the Miami County Board of Revision through the Auditor’s office by March 31, with or without a state-certified appraisal, said Gearhardt.
Not surprisingly, he expects complaints filed with the board of revision to increase “substantially.”
The bottom line from the most recent valuation process was an average residential value increase of just less than 25 percent, Gearhardt said.
However, he added, many neighborhoods have seen increases higher than the average based on very strong home sales, while others have seen smaller value increases based, again, on lower sales volumes or lower sales prices.
Examples of big increases provided by Gearhardt included the Sherwood area of Troy at 35 percent, Kings Chapel of Troy at 40 percent and Candlewood in Piqua at approximately 35 percent. Smaller value increases were seen at Carriage Crossing in Troy (10 percent), Cedar Ridge in Concord Twp. at approximately 10 percent and Deercliff in Monroe Twp. at about 5 percent.
County Treasurer Jim Stubbs recently told the county commission that the tax increase seen by the property owner will depend on where they live, what tax levies are in effect and their millage.
The increase caught the attention of Monroe Twp. residents Barney and Sandy Tincher. They have lived in their Miami County home in the Troy City Schools district for more than 45 years. Their real estate tax bill increased 39.5 percent, Barney Tincher said.
The increase comes at the same time as people are dealing with the effects of inflation. Some people who have their taxes included in mortgage payments may not even be aware of the increase, Barney Tincher said.
The majority of the taxes paid go to the schools, he said, adding, “This increase will surely affect how voters feel about the future school tax levies.”
Gearhardt explained that the county auditor is required to reappraise all real property every six years (sexennial reappraisal) to equalize the value of each property as it compares to similar properties. The county’s last sexennial reappraisal was tax year 2019, payable 2020.
After that, real property valuations were officially updated again in tax year 2022 (triennial update) payable in 2023.
“The triennial value adjustment is based strictly on sales over the last three-year period (2019-2021) broken down by neighborhoods,” Gearhardt said
The three-year sales ratio (2019-2020-2021) report was considered in the 2022 triennial update process.
“Over the last three years in Miami County we have seen the real estate market sale values increase substantially in the residential sector,” Gearhardt said. “This influenced the establishment of values for the year 2022 (taxes payable in 2023), which is resulting in the increase in taxation.
Stubbs said taxes related to emergency levies, bond issues or voted levies fluctuate with a change in property valuation.
“To offset this, the millage is adjusted downward or upward (depending on direction in change of values) in order for the issues to best continue to fulfill their original repayment schedules. Accordingly, these adjustments will not offset dollar for dollar,” Stubbs said. “Inside millage is not adjusted, and it will increase or decrease along with changes in valuation.”
Across the county, property sales are still coming through where sales prices exceed the county appraised values in most cases, Gearhardt said.
“Reappraising real property for tax purposes is an important and sensitive issue,” he said. “Our office has made every effort to ensure that a fair and equitable value has been placed on properties throughout the county.”
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