“The new 2020 property values are largely based on 2019 sales data. With massive layoffs seen all across Ohio since mid-March and the economic hemorrhaging taking place, now is not the time to increase property values based on the 2019 housing market,” Reynolds said.
Reynolds explained that the new values could quickly be unreliable if the economy does not rebound soon and housing prices tumble as a result.
RELATED: Butler County auditor reappraising properties amid coronavirus budget concerns
According to the Ohio Department of Jobs and Family Services, 61,083 more unemployment claims were filed in Ohio for the week ending May 2. The number of initial jobless claims filed in Ohio over the last seven weeks is more than 1.1 million.
State law allows the tax commissioner to approve delay requests for up to one year on six-year reappraisals “if the commissioner finds that good cause exists for the extension.”
The extra time will allow for the gathering of more evidence regarding the impact of the COVID-19 pandemic on the local housing market, Reynolds said. It also affords the usual county process of communicating with property owners on value changes, which will be difficult given continuing social distancing and other measures to avoid coronavirus infections.
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