Toledo to lose $1.9 million because of property value drop

Lucas County Auditor Anita Lopez said today that propertiesi n Toledo have dropped in value and could cost the city an estimated $1.9 million in tax revenue next year.

Lucas County Auditor Anita Lopez informed Toledo city councilmen today that the city of Toledo can expect to lose an estimated $1.9 million in tax revenue next year as a result of her office’s mandatory reappraisal of area property values.

Under the new values, which take effect next year, city of Toledo properties lost approximately 14 percent of their worth, Ms. Lopez said. The valuations were based on physical property inspections and sales information for 2009, 2010, and 2011.

“Clearly we knew this was one of the worst times in our history in our county, and clearly it shows that in these numbers,” Ms. Lopez said.

Ms. Lopez said the new values do not take into account sale prices in 2012, which have been on the uptick. That means people looking to sell their home could put their properties on the market at rates above their value as assessed by the auditor’s office.

Citizens who want to challenge their new values are encouraged to contact the auditor’s office at 419-213-4406 before Oct. 1.

The exact amount of individual property tax bills won’t become clear until after the November election. If all of the levies on the ballot pass, people could end up with lower property values but a higher tax bill, a situation Ms. Lopez called a “perfect storm.”