Over T
he Next Few Weeks...
the Cuyahoga County Auditor will be mailing the 3 year (Triennial) Update to all property owners in the county. In the past, the 3 year update was a non-event with value increases in the 3%--5% range. These are not typical times! Early indicators from the County are showing declines of 5%--10% in value for most communities. This is most likely a conservative number!
Property Values Have Dropped Significantly Over The Past 24-36 Months, Affecting Every Neighborhood And Community In Cuyahoga County.
If you bought your property within the past 5 years or you have not challenged the value in the past, there is a good possibility that the new value is still too high. What can you do to assure that your property is not over valued? Review the information shown on the notice you receive from the county. If the value appears high or if the physical data shown is significantly wrong, then it would be wise to challenge the valuation estimate. This new value remains in effect for
3 years thus a
reduction in the taxes levied for each of the next
3 years!
The Potential Dollar Savings If An Appeal Is Successful Will Depend On The Amount Of Reduction, The Value Of Your Property, And Your Community's Tax Rate. Here Is A Link To The County Auditor's Website Which Will Help In The Process.