Summit County Taxable Home Values Drop By $79 Million This Year

One of the roles of our Summit County Council is to approve changes to property valuations done by the county Assessor. Property valuations determine what each homeowner must pay in property taxes. While we have heard that homes keep selling for more and more money, it appears, overall valuations don’t support the idea that everyone’s property values are going through the roof.

In fact, so far in 2015, market values for property in Summit County have dropped by about $47 million. Taxable home values, which take into account primary versus secondary homes, have dropped by almost $80 million. This drop is a recent phenomenon. As of August 19th, market values were up $1.9 million. As of August 26th, market values had slipped to a loss of $3 million. As of September 9th, market values have plummeted by $47 million for the calendar year.

What does that mean for the average Summit County resident? In the short run, probably not too much (unless it continues to accelerate). However, it may be an indicator that home values aren’t appreciating as fast as many think (or perhaps decreasing). Perhaps more importantly, this means our governments (county, city, and school district) aren’t going to receive as much money in tax dollars as they might expect, thus impacting projects and budgets.

For more information, please see the county’s Board of Equalization spreadsheet.