Housing Values Decrease 8%

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.

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!!

Chris Fiora wrote: 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.

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.

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.