First Posted: 3/18/2015
LIMA — Property values could decrease for some in Allen County, as area properties are being reappraised.
The Auditor’s Office is working to appraise local properties now, then numbers have to be into the state by June and every taxpayer will then get a letter with their property’s old value and new value, said Rhonda Eddy-Steinecker, Allen County Auditor.
Preliminary numbers show that on average in the county, residential, consumer and industrial property values could all be going down, while farmland value may increase by about 34 percent, Eddy-Steinecker said. Though that’s an average, so some values may go up, stay the same or go down, said Eddy-Steinecker, who spoke at the The Lima Noon Optimist Club meeting on Wednesday to explain how real estate taxes work.
“Taxes are based directly on your value, values are changed every six years,” she said.
When property values change, so may the amount of taxes a property owner pays, as taxes are calculated using 35 percent of the property’s market value.
Property values are reappraised every six years, and appraisals are updated every three years. The only other time property values can change is if there is construction or demolition on the structure, but individuals can also speak with the board of revision if they feel the value is too high or low, Eddy-Steinecker said.
Eddy-Steinecker came to the meeting hoping to educate the public on how taxes work.
“Taxes are part of how the government survives,” she said.
Marcia Hearn, one of the group’s vice presidents, asked Eddy-Steinecker to come to give the club the “entire picture.”
“It’s interesting to have an understanding of exactly where do our property taxes go,” Hearn said. “How are they divided up?”
Eddy-Steinecker also spoke about Homestead Exemption Changes, levies and dog registration.
