WARREN - In his roughly 30-year career in the Trumbull County Auditor's Office chief appraiser Bill Nicholas says he's never seen anything like the current housing situation in the area.
''Even in 1977, when the mills closed, you didn't see this,'' said Nicholas.
The shaky state of housing has led to an increase in the number of county residents seeking to reduce the appraised value of their homes, thereby hoping to command a lower property tax bill.
Such requests are handled by the county's Board of Revision, comprised of the county auditor, county treasurer and president of the county commissioners, or their designees, and can only be made once in a three-year period.
In the past few years, Nicholas says the county has received about 300 such requests each year, a sharp increase from prior years.
In determining the fair market value of a resident's home, the board can take into consideration sales of similar properties, independent appraisals, estimated costs of repairing deficiencies at the property in question, details of recent sales-if applicable-and any income generated by the property.
While the process is spelled out on the Trumbull County Auditor's Web site, Nicholas says the office receives several unnecessary requests for property reappraisals.
''We look at each individual one on an informal basis at first,'' said Nicholas. ''A lot of people apply who don't need to, like people who have torn down a garage.''
Only about half the requests end up requiring a hearing before the board, Nicholas added. But that ratio doesn't stop the office from encouraging residents to apply.
''Typically we go with the theory here that every resident has a right to review their property values,'' said Nicholas.
The office is also quick to point out to homeowners that a new appraisal could raise the value of their home over its last appraised value.
Though a lower tax burden would appeal to most residents at any point in time, market conditions have compelled homeowners to take an unprecedented interest in the process, says one local expert.
''It is a trend that is happening more today than it has in the past because the housing market has come down in our area,'' said Andrea Lupton, president of the Warren Area Board of Realtors. ''With some appraised values, we know we couldn't get that price today.''
Those seeking to file for reappraisals should consider all the possible consequences, Lupton added.
''Today's buyers are going to the Internet to find information on homes before buying them,'' said Lupton. ''And prospective buyers are going to go to the Internet to look up how the auditor evaluated the house. It could be a double-edged sword down the road.''
Lenders, too, tend to caution homeowners about having their property values lowered, as the county's appraisal sometimes plays a key role in obtaining credit.
''Sometimes home equity loans are based on the auditor's value or the tax value,'' said Darlene Cesta, vice president and lending manager for Seven Seventeen Credit Union Inc. in Warren. ''It's a possibility that while they're gaining on one end, they could lose some on the other end.''
Home equity loans, often used to perform home improvements or to finance large in-home purchases like new kitchens and bathrooms, are most common among those planning to stay in their homes over the long-term. Value reappraisals are typically common among the same population, a potentially dangerous combination.
''It would be very important to weigh both sides of it,'' said Cesta. ''If you take equity out, things could be more difficult for you with a lower value.''
