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County assessor outlines conversion of condos and commercial properties to new valuation model; warns some owners may see large changes
Summary
The Summit County assessor told the council the office will convert about 9,400 condominiums and 2,200 commercial parcels to a new valuation module and fill missing market data; where data are incomplete the office will use age and square footage for 2023, and staff said they will extrapolate sales across like neighborhoods to reduce uneven spikes.
Stephanie, the assessor’s office presenter, told the Summit County Council the office is converting its condominium and commercial records to a new valuation module and addressing persistent data gaps that have driven public concern. She said about 9,400 condos exist in the county and only roughly 30% currently have full market data (bedroom/bath/amenity/placement). The office also has completed conversion for about 2,200 commercial accounts.
The assessor’s team will use a two‑track approach for 2023: where complete market data exist they will apply multiple regression modeling and neighborhood‑level adjustments; where market data are missing they will rely on a mass update using age and gross/net square footage and then extrapolate bedroom/bath counts from comparable historic sales. "We…
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