Cleveland Property Taxes
Has anyone else noticed their Cleveland property taxes go up recently? Is it a significant bump?
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Brian, just because your valuation goes up by 30% does not mean your tax bill will go up by 30%. Ohio property taxes are structured in a somewhat complicated manner. Yes, the property values are reassessed triennially (every 3 years) across the board, but they also adjust the effective tax rate when they do so (they use the term "mills" to describe and calculate this), so in most cases if your property is just sort of keeping up with the value trend for its area you will see a fairly minimal tax increase. Here is a document that touches on it a bit: https://tax.ohio.gov/static/co...
In terms of why some properties may get significant increases in assessed value and others may get a negligible increase, it comes down to what the sales price trend has been in that particular area. Here is a document that shows the high level price increase trends going into value reassessments for 2021: https://fiscalofficer.cuyahoga...
It's worth noting that the areas that have the largest increases were also the areas that were generally hit the hardest in the real estate value crash 10+ years ago (e.g., Cleveland, Euclid, Garfield Heights, etc.), so it makes sense that they are basically still in more of a catch-up mode than some of the areas that saw very little decrease in value in the crash (e.g., Solon, Westlake, etc.).