Summit County to send out property value notices

According to a news release from Summit County, the value of residential properties, land and condos are all up an average of at least 10% while commercial properties rose 3.5% for 2021. The value of condos rose the most at an average of 11.47%.

“We’re seeing most Summit County residential properties increasing in value again this reappraisal cycle,” Summit County Assessor Frank Celico said in the release. “Unsurprisingly, however, COVID-19 negatively impacted many commercial property values, particularly in the lodging and restaurant business sectors, in this reappraisal.”

The county plans to send out notices of valuation to property owners Monday, May 3. The information will also be available online the same day.

The Summit County Assessor’s Office determines values through a data collection period, which is based on sales of confirmed and qualified properties that took place during a specific time frame. For 2021, the data collection period was from July 1, 2015, through June 30, 2020, meaning sales that occurred afterward are not included.

Using statistical analysis of these qualified sales from the data collection period, the assessor’s office builds models that predict what a property would sell for as of the appraisal date of June 30, 2020. For more information on how this process works, property owners can read the news release on the county’s website.

Property owners can appeal their valuation during the month of May by emailing Celico said those wishing to appeal should understand that values are based on the assessor’s office records containing property characteristics. Celico said information such as square footage and how many bathrooms a property has is more likely to impact a change in valuation rather than showing comparable sales.

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