Wyoming real estate sale prices followed area trends upwards in 2017 due to strong demand and the continuation of relatively low interest rates, according to the Cincinnati Area Board of Realtors.
The average price of a house in Wyoming rose last year to $356,203 compared to $333,951 in 2016, sales statistics show. There were 150 Wyoming properties sold in 2017 vs. 148 in 2016.
A strong economy and favorable interest rates have continued to fuel home sales, says Phil Morrical III, president of the Cincinnati Area Board of REALTORS®. The trend is expected to continue into this year.
Sue Lewis, an executive sales vice president with Sibcy Cline and a Wyoming resident, says that a limited supply of homes and strong demand have helped to spur prices. The reasons Wyoming is attractive to new home buyers have remained pretty consistent with long-term trends, however. Buyers in Wyoming are impressed by the city’s historic homes, diversity, walkable neighborhoods and top-rated schools, she says, many of the same things that have drawn new residents for decades.
“People love being close to downtown (Cincinnati), and they love the lifestyle here,” she says. “They love the community feel, the tree-lined streets, and the friendly spirit – all those Mayberry-like qualities that make Wyoming stand out.”
During the years after the 2008 recession, Wyoming home prices temporarily fell, along with many other communities in the region. Lewis says that prices have now rebounded to pre-recession-era levels and she expects the active market to continue.
While no homeowner wants real estate values to decline, the correlation of increasing values with higher property taxes is something many view as a downside to an upswing.
How Do Home Prices Affect Your Property Taxes
Higher prices are welcome news for those thinking of selling, but property owners planning to hold onto their homes worry how higher values might affect their taxes. Property taxes are based on home valuations set by the Hamilton County Auditor. The county just completed a three-year home valuation in 2017. The valuations are set based on “fair market value,” according to the Auditor’s office, but they are not directly tied to realtor-calculated values. If a home was sold in the three-year period since the last valuation, however, the sale price is used as its value.
Property taxes do not uniformly change with a higher (or lower) home valuation. Your property taxes support a range of City of Wyoming, county and school district sources, with roughly 70 percent going to the school district, according to Hamilton County Auditor data.
Due to the complexity of property taxes, it is best to check your own home’s individual tax schedule on the Hamilton County Auditor’s website (HamiltonCountyAuditor.org).
To help homeowners decipher how Wyoming school and City taxes are calculated, however, Ronda Johnson, treasurer for Wyoming City Schools, explained that only a small portion of a Wyoming homeowner’s property taxes automatically increase (or decrease) when their home value does.
Taxes are based on millage ($1 for every $1,000 in home value). In Wyoming, roughly 10 mills of a homeowner’s property taxes are directly tied to the county valuation. These 10 mills are split between the City and the school district. The rest of the City and school district taxes are adjusted to keep the amounts collected tied to the original voted levy. In other words, voters approved a levy for a particular sum of money, and tax rates are adjusted to keep that rate (and your taxes) from going up (or down).
Johnson says homeowners who have questions about taxes are welcome to email (johnsonr@wyomingcityschools.org) or call (513-206-7012) for detailed information. City of Wyoming Finance Director Jeremiah Caudill says residents are also welcome to contact him with questions, jcaudill@wyomingohio.gov or 513-842-1353. In addition, extensive information is available at HamiltonCountyAuditor.org.
Not happy with your home valuation? You can contest it through the Auditor’s Board of Revision office. Call 513-946-4035, or go to the Auditor’s website for more information. The deadline to contest 2017 valuations is March 31.
