Property Values Increase In Montgomery County
Property values in Montgomery County have increased by $1.8 billion since the last county-wide assessment. The numbers from the 2020 Property Reappraisal were released on July 23, 2020.
Although the value increase still needs approval from the Ohio Department of Taxation, Montgomery County Auditor Karl Keith says the county is still seeing “a robust real estate market” even despite the pandemic.
Keith says the jump in property values trending in the last few years has almost made up for property value losses that resulted from the Great Recession, between 2007 and 2014.
“More than anything else were seen a recovery from the recession again not quite back to where we were in 2008 but we're getting very close,” he says.
252,000 properties were reviewed in the reappraisal, that began in 2018, with all jurisdictions in the county experiencing property value increases except Phillipsburg, which saw a 2 percent loss.
Keith says most of the growth in the county occurred in suburbs to the south, with Kettering and Dayton showing the largest increase in property values.
The auditor also revealed more information on how county properties were affected by the 2019 Memorial Day Tornado outbreak.
Keith says the storms caused roughly $81.4 million in property damage
In 2019, property values in storm-damaged neighborhoods fell by $46 million. After the reappraisals that were just completed, those values have fallen by an additional $35 million.
The auditor says he asked the Ohio Tax Commissioner for a one-year extension to the county’s property value reappraisal deadline because of the COVID-19 pandemic, but that request was denied.
The county’s reappraisal values still need to be okayed by the Ohio Department of Taxation but Keith says his office is sending out appraisal notices to property this week.