Home Values in Strongsville Drop
Report shows an average decrease of 3.6 percent in first post-Russo reappraisal
Home values in Strongsville have fallen 3.6 percent since 2009, according to a preliminary report issued to cities across Cuyahoga County.
The numbers -- from the first reappraisal since Frank Russo left the auditor's office -- show declines in all but six communities in Cuyahoga County, said a story in The Plain Dealer.
Countywide, the residential property value declined about 9 percent in the last three years.
The effect on the Strongsville Schools? None, said Treasurer Bill Parkinson.
"We've already accounted for that (decline) in our five-year forecast," he said.
Using reports from the county and state, Parkinson had estimated a countywide dip in property values of 6 percent.
The big problem will come if home values continue to slide to the point that the effective rate of levies already on the books reaches their voted rate.
"If we continue to head down that road, we will run the risk of realizing an actual loss in property taxes," Parkinson said.
He added that he does not see the downward spiral continuing to that point.
The report shows some communities, including Cleveland, East Cleveland and Euclid, with double-digit drops in home values up to 30 percent.
Many saw only minor declines, like Lakewood (3.6 percent) and North Royalton (3.2 percent).
Parkinson has included projections on home values in all of his five-year forecasts to prepare Strongsville school officials for the reappraisals.
"The board it not surprised by it," he said. "They've been informed all along about the trend in housing values."