New Albany's real property values dropped an approximate average of 9.42 percent, a few percentage points more than the county average, according to tentative 2011 property reappraisals released last week by Franklin County Auditor Clarence Mingo.

New Albany's real property values dropped an approximate average of 9.42 percent, a few percentage points more than the county average, according to tentative 2011 property reappraisals released last week by Franklin County Auditor Clarence Mingo.

The valuations will be completed in November and will be used when tax bills are sent out in December, according to the auditor's office.

"We released the new tentative values of all 440,000-plus parcels of property in Franklin County (Aug. 23)," said auditor's office spokesman David O'Neil. "Overall, we saw a 6.7-percent decrease in value compared to last year. This is the first time that residential property values have ever declined on average in Franklin County. New Albany saw a drop in residential property values of 9.4 percent."

New Albany communications director Scott McAfee said the results would not have a critical effect on the city's revenue stream.

"The lower property taxes will negatively impact city general-fund revenues but the impact won't be drastic because the city receives less than 2 percent of the total property taxes paid by residents," McAfee said. "I can confidently tell you that our residents will not notice any difference in their service levels from the city of New Albany."

Mayor Nancy Ferguson attributed the decrease to general economic trends.

"I don't think anyone was too pleased with the drop in housing values but I don't think it is that different from what's going on in any other communities throughout the country," Ferguson said. "Here in the Midwest, we're used to property values always going up in a slight incline, decade after decade.

"Most other parts of the country have more of an up-and-down thing, more of an increase and decrease in values, every five or six years, so maybe what's happening here is reflective of the trends that have been happening in other parts of the country. We have quality housing and a great community here and I think as the national (economy) and Ohio's economy turn around, New Albany will be on the upswing again."

In Plain Township, property values dropped an approximate average of 8.14 percent.

"The township has been anticipating a reduction in property values," said township administrator Ben Collins. "The initial estimates showed there would be a reduction in valuations and we've been planning accordingly."

Some central Ohio communities fared worse than New Albany and Plain Township. According to the figures released last week, Grove City dropped an average of 12.39 percent, Reynoldsburg dropped 13.31 percent, and Canal Winchester dropped 12.03 percent.

"Those are the areas that have taken the hardest hit in the economic downturn," O'Neil said.

Other communities' property values remained about the same, such as Worthington, which dropped only an average of 1.96 percent, and Upper Arlington, which dropped 1.06 percent. Bexley property values increased an average of 4.07 percent and Grandview Heights increased 8.86 percent, O'Neil said.

"There's a finite amount of property available in landlocked communities and there are only so many properties that can be had," he said. "It's fair to speculate that had something to do with the values because buyers are willing to pay a premium for properties in those communities."

The auditor's office is required by state law to reappraise all county properties every six years. The auditor's office updates those values every three years between reappraisals.

O'Neil said Mingo updated the 2005 reappraisal in 2008 and did not change any of the reappraisal values at that time. Values had jumped 21 percent in the 2005 reappraisal, according to The Columbus Dispatch.

All property owners in Franklin County should have received a letter late last month from the auditor's office detailing their reappraised property values.

Residents who have questions about the reappraisals or want to contest it can attend informal reviews at several central Ohio locations. They are scheduled from 11 a.m. to 7 p.m. at various venues, including seven locations in Columbus and one each in Dublin, Grove City, Hilliard, New Albany, Reynoldsburg and Worthington. Dates and locations are listed below and at www.franklincountyauditor.com.

The New Albany session is Sept. 8 at the New Albany Church of the Resurrection on Dublin-Granville Road.

Mingo said he welcomes property owners to attend the reviews. Property owners should bring information and documentation that could help assess the property values, such as documentation of comparable sales transactions, color photos of the home and property, a recent property appraisal from a certified Ohio appraiser or a copy of a final purchase agreement for a recently purchased home, according to a release from the auditor's office.

The release also said auditor's office officials will be unable to calculate taxes based on the new valuations until after new tax rates authorized by the November elections are finalized.