Property Values Climb Nearly 8 Percent in LakewoodSeptember 01, 2015
Lakewood continues to be one of the most desirable places to live in Northeast Ohio.
That’s according to the Cuyahoga County Fiscal Office’s recent triennial report noting that property values have increased in Lakewood nearly 8 percent since 2012.
“This good news is affirmation that our work to strengthen our housing stock through our Housing Forward initiative is paying off,” said Lakewood Mayor Michael Summers.
“A stronger housing market means we have the ability to continue to attract families to our community, we can continue making investments in our neighborhoods and city, and that we have a more stable and stronger tax base.”
The purpose of the triennial update — mandated by the Department of Taxation and Equalization — is to compare the current level of assessment to sales occurring in the municipality and to update the 2014 certified values to the proper level of assessment via trending factors.
In Cuyahoga County, only three communities — Bay Village (8 percent), Rocky River (10 percent), and Orange (12 percent) — fared better than Lakewood.
The report is based on home sales from January 2012 through December 2014. Local real estate experts have noted that the housing market has been trending upward in Lakewood for a few years. More houses are selling in Lakewood; they’re going for higher prices; and they’re not on the market very long.
Summers said that are other factors that have keep the city moving in the right direction: The private investment in Lakewood’s housing stock has been more than $10 million in each of the past two years alone; and Lakewood has experienced more than $100 million in development investments in the past few years.
“This report tells us what many in Lakewood already know: This community is a desirable place to live,” added Summers, noting the diverse housing options available. “Lakewood has become a desired destination for Millennials and empty-nesters — and everyone in between.”
City officials are still waiting for the commercial and industrial results, but are hoping those results are as encouraging as the increase in residential values.
The numbers are in for the 2015 triennial property valuation update for home values across the county. The new values will take effect Jan. 1, 2016, to calculate property taxes owed for 2015, payable next year.
For more information about the appraisal process, visit the Cuyahoga County Fiscal Office website.