Friday, August 15, 2008

Revaluation and Budget

This week you probably received your revaluation letter from the appraisers. The City of Columbus was required by law to perform this revaluation to bring the fair market value assessment of the city to 100%. It has been 8 years since the last revaluation and the residential assessments had slipped to 64% of fair market value. Since we’re going from 66% to 100%, on average the change will be around 36% increase. This does not mean that taxes will go up by 36%!!!! The City Council has set a goal of 2% increase in spending for 2009. The revaluation distributes the cost more equitably across the city. On average every 5-6 years the city must do a revaluation. This one was big for because the last full assessment was in 2000 and most houses did not get a walk through at that time.

If you feel that your current assessed value is not fair, please schedule an appointment with the assessors. Call them at 800-770-3927 for an appointment or send your questions to them. They will be in City Hall on August 27th and 28th, and you can make an appointment to visit with them to understand your situation.

We have begun the 2009 budget process, and as I mentioned the goal is about 2% increase. The city faces significantly higher increases in union salaries, utilities, health insurance, etc. That means that we will continue to find ways to cut costs while funding new initiatives. It is always a challenge to fund very important programs and reduce funding in other areas. You will continue to see us focusing on efficiencies in the city