Property values in Canal Winchester have decreased by more than 12 percent since 2005, according to a tentative adjustment report from Franklin County Auditor Clarence Mingo's office.

Property values in Canal Winchester have decreased by more than 12 percent since 2005, according to a tentative adjustment report from Franklin County Auditor Clarence Mingo's office.

The adjustment places Canal Winchester near the bottom of a list of 25 municipalities that were re-evaluated this year by the auditor's office.

Topping the list was Grandview Heights, which saw an average tentative property value increase of 8.86 percent; at the bottom was Harrisburg, which saw an average decrease of 20.03 percent.

The average decrease in property values for Franklin County in 2011 is 6.71 percent, according to the auditor's office.

"Obviously, this will have some bearing on our revenues, but I don't know how much that is at this point," Canal Winchester Mayor Michael Ebert said.

Both Ebert and city development director Lucas Haire pointed out that residential development continues to be strong in Canal Winchester.

"We actually continue to have new properties proposed for residential redevelopment," Haire said. "We've got more homes under construction now than we've had in recent years. We've got 18 homes under construction so (the market) isn't slowing residential growth in Canal Winchester."

Dave O'Neil, spokesman for the auditor's office, said 2005 was the last time the values were set "and the market just isn't as strong today as it was in '05."

"We look at the sales info and the individual characteristics of each home," O'Neil said. "This isn't an arbitrary process. The final piece of the puzzle will be the informal value reviews, where residents will have the opportunity to bring forth good information to help our appraisers to properly value their home."

Tentative property value changes can be viewed on the auditor's website, www.franklincountyauditor.com.

Prior to November, when the tentative values will be finalized, property owners will have an opportunity to review their reappraisals with representatives from Mingo's office, where evidence can be provided in an attempt to change property values.

The informal value reviews will be conducted on a first-come, first-served basis from 8 a.m. to 4 p.m. on Wednesday, Aug. 31, at the Franklin County Courthouse, 373 S. High St., Columbus, and from 11 a.m. to 7 p.m. on Tuesday, Sept. 6, at the Groveport Recreation Center, 7370 Groveport Road.

Other times and locations can be found at the auditor's website.

"Each individual owner is going to have to make the decision about contesting the value," O'Neil said. "We've had calls that have argued that the property was valued too highly and others saying it was lowered too much. Either way, people can review their value to help us get the most accurate appraisal."

Property values are tied to city tax revenues but are not a one-for-one ratio. According to the auditor's website, only part of the tax rate is allowed to rise or fall with the property value and additional revenue may only be raised with approval of voters.

State law mandates that county auditors complete a reappraisal process every six years.

"This is a staggered process, so for 2011, 41 of the 88 counties are doing reappraisals," O'Neil said. "At this point, there are several of the other counties that saw a double-digit average decrease in property values county wide, so here in Franklin County, we weathered the storm better than a lot of the state."