Reappraisals of Oxford properties are likely to lower property values and taxes this year, according to the office of the Butler County Auditor.
Under Ohio law, the auditor's office must conduct a reappraisal of property values throughout the county every six years, with an update every three years. This process was completed in 2008 but is under reconsideration after several homeowners expressed concern about student rental properties, according to Mike Tilton, chief deputy for the Butler County auditor.
"We're reviewing all property in the entire county," Tilton said. "We're also looking at student rentals because of the concern to the owners."
Butler County Auditor Roger Reynolds explained his reappraisal plan for the city at an Oxford city council workshop in August.
Because the last approach to reappraisal may have skewed the actual value of the property, the auditor's office is now taking steps to ensure accuracy, Tilton said.
Rick Metz owns two student rental properties in Oxford and said the property value - and thus taxes - of his two properties went up nearly 70 percent as a result of the 2008 appraisal.
"It's all just lost revenue," Metz said. "We've never had values declining like they have recently, so now all of a sudden people are scrambling for cover."
According to Metz, Oxford landlords have seen such an increase in their property values
because of the large difference from one house to another.
"The thing about Oxford is that property values can change from street to street," Metz said. "I'm not opposed to a reasonable tax increase, but 70 percent is ridiculous."
As the struggling economy continues to drive down property values, the value of property for taxation purposes remains high - a cause for concern for homeowners like Metz, according to Oxford City Councilor Richard Keebler.
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"The market for reselling student rental properties is not what it was three to five years ago," Keebler said. "If the value goes down, taxes go down. This much is obvious."
The auditor's plan, which is already underway, is aimed at doing just that, Tilton said.
"Most likely some taxes will go down," Tilton said. "We're taking into consideration how many student permits (landlords) have."
Tilton said the reason for the skewed numbers had to do with the approach the auditor's office was taking to reappraise property.
"Some of the concerns we have are with the larger homes that only have a three- or four-student (resident) permit," Tilton said. "They may have been assessed higher than what they should because the market values may have compared them to homes that allowed more students."
Metz said he filed an appeal to the decision to increase his property value by 70 percent, but said he has still not heard a response.
"I think they (the auditor's office) are swamped," Metz said. "Everybody is appealing that can or wants to."
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