Cuyahoga County Returns $35 Million in Real Estate Taxes

This week, Cuyahoga County Executive Chris Ronayne announced the return of $35 million in Real Estate Assessment funds to cities, school districts, and other taxing authorities in Cuyahoga County. This is the largest amount ever returned after a reappraisal process, marking a significant step in fiscal transparency and responsible stewardship of public resources.

These funds were originally collected to support the County’s Sexennial Reappraisal process. Through a comprehensive modernization of the County’s property assessment operations, including the implementation of new technology, costs were reduced, and efficiency was greatly improved. As a result, the County completed the assessment cycle in house, under budget, and earlier than projected. After a thorough financial review, and in accordance with the Ohio Revised Code, the decision was made to return surplus funds to the taxing authorities.

Returning these funds should provide meaningful support to local budgets and help uplift our schools. The $35 million will be distributed by the end of October 2025 and the taxing authorities will be notified in advance of this transaction. This action follows a comprehensive review and reflects the administration’s ongoing efforts to enhance public trust, improve operational efficiency, and deliver value to residents.

My take is that this is something that had to happen. There was a huge influx in tax money due to the dramatic real estate value increase over the last few years. This has been a burden on many and on some of my clients as well. Some have considered moving due to the increase, and others have pulled the trigger to find better living solutions. I'm glad that some of the funds have been returned and let's hope that something good will come of this.

Consumer Credit Score Trends

There are many factors that influence the housing market, from interest rates and housing inventory to the strength of the job market and the overall health of the economy. One factor you may not consider, however, is the impact of credit scores. Lenders rely on credit scores to determine how risky it is to approve a loan. Recently, scores have been falling—at their fastest pace since the Great Recession—a trend that could have an impact on the country's housing market.

For a decade, Americans' credit scores were on the rise but that trend has recently reversed, with scores falling to 715 in 2025 from 718 in 2023, according to FICO, which tracks consumer credit risk in the U.S. A broad decline in credit scores is a sign that people are struggling to manage their debt. This could pose a big problem for the housing market, which depends on people borrowing money to purchase homes. Falling credit scores translates to fewer people able to able to qualify for mortgages. Those who do qualify may be limited to smaller loans, or face higher interest rates, lowering their purchasing power and negating recent positive news for homebuyers that mortgage rates are trending downward. 

When fewer people are able to qualify for mortgages, overall demand for homes falls. And when buyers can only secure smaller loans, it puts downward pressure on home prices. The result is a broadly weaker housing market. Falling credit scores can also impact the rental market—though in the opposite direction. If fewer people are able to obtain mortgages and purchase homes, demand for rental properties rises, which pushes rental property prices higher.

With my lending and credit experience, I am happy to offer any guidance I can to assist anyone in need of some credit repair before they buy a home. It's not at all uncommon for a buyer to take a few months after we meet to work with one of my credit consultants and a few of my mortgage brokers to do what needs to be done to be prequalified and ready to look at homes. If you have questions, give me a call.