A robust housing market is credited with news of a significant jump in Fulton County property values.
On the heels of a state-mandated property revaluation completed by the county auditor’s office, results show an average 12.07% countywide increase in residential values. Per individual community, residential data places the increase at: Swanton, 17.71%; Archbold, 15.79%; Wauseon, 10.98%; Lyons, 10.95%; Delta, 9.86%; Fayette, 8.33%; and Metamora, 7.04%.
“We’ve had a robust market in the last couple of years,” County Auditor Brett Kolb said. “We have had houses sold for twice what we had them for. There are big ones out there this year.”
He said his office uses national and state market analysis to try to determine the bare market value of the county’s residential properties. The state orders revaluation every six years.
Kolb said he’s seen larger percentage increases during past revaluations, “but (presently) it’s significant. I thought with COVID, to be honest, that we would see a downturn. We’ve probably had one of the best, robust markets, here in Fulton County anyway, that we’ve seen in years per sale.”
Possible increases in the amount of taxes due from property owners will not be known until December.
The revaluation also shows agricultural sales values up 14.62%; commercial values up 5%; and industrial values up about 3%.
However, the Current Agricultural Use Value (CAUV) is down approximately 33% countywide. The CAUV program permits the value of farmland exclusive to commercial agriculture to be based on agricultural value rather than full market value.
Kolb said he won’t speculate on the cause. He said, at this time, he’s unsure how the current CAUV will ultimately impact Fulton County. He said more information will become available in a few weeks.
“It’s kind of wait and see,” he said.
Reach David J. Coehrs at 419-335-2010.