Montgomery County released a property value update Thursday. Auditor Karl Keith said the county has seen a historic $8.5 billion property value growth in the past three years, corresponding to residential property values increasing by 34% on aggregate, Keith’s office said.
Ohio law requires counties to update property values for tax purposes every three years. This week’s update means higher property taxes for homeowners with Auditor Keith estimating an increase on average between 4% and 6%.
“I have run out of words to describe the local real estate market: hot, robust, strong record, setting on fire, off the charts. I've used all of those words recently to describe the market and over the past three years, the market has performed at a level we have never seen before,” he said.
Montgomery County homeowners will be notified by the auditor’s office of the new value of their property by letter in a few weeks. If they disagree with that new value, residents can appeal with the county auditor’s office and schedule a virtual informal review meeting sometime in August or September.
“When people are in the market these days and they're paying exorbitant, high, off the chart prices for homes, I think they can expect that that comes with a tax responsibility,” Keith said.
