Recent numbers show Montgomery County home values are continuing to recover after the Great Recession.
Montgomery County Auditor Karl Keith says, while commercial property values remained stable with a less than 1 percent increase, residential values are up about 6 percent.
He says the increase in home values is good news for the housing market.
“To talk about a four-and-a-half-percent increase, yes, this is definitely good news. It reflects on the community as a whole as far as value, the overall economy of the community," Keith says.
"It’s a very positive sign. We like to say it puts us back on track.”
Keith says the four-and-a-half percent bump represents a more than $1 billion increase in property values throughout the county, although the auditor says that’s only about a third of the value lost in the last two cycles combined.
The auditor’s office is required to reevaluate property values every three years.
Keith says property owners should expect to receive notices about property valuation changes soon.
