Across Montgomery County, property values have hit a historic high, with the total value in 2023 at $40.8 billion.
That's up from last year when it hovered around $29.8 billion.
But Montgomery County Auditor Karl Keith says that won't be a spike in what homeowners pay in property taxes.
He delivered the news during his annual update to more than 70 local government officials on Thursday, Dec. 14.
On average, residential values went up 34% and commercial/industrial values increased 12%. These increases are based on new construction and the current real estate market, Keith said.
"The real estate market is as hot and robust as it's ever been in Montgomery County," Keith said. "That has been the case now for a number of years, certainly was the case in 2022."
More than $465 million in new construction occurred in 2023, its highest mark in recent history. This includes new housing complexes like Trotwood Senior Lofts and The Monument Apartments in Dayton. It also includes business developments like the new Kroger store in Riverside.
In 2022, the county saw $241 million in new construction.
Additionally, agriculture values also grew — they're up 36%. According to Keith, it’s connected to soil type, as well as increased prices and yields for corn, soybeans and wheat.
"Instead of market value in determining these values, it's an income that is based on the income approach to value," Keith said. "Sometimes it's a hard discussion to have with the agricultural community, but when you get down to it. Farmers in our nation are doing very well in the current economic climate."
Keith emphasized growing property values don’t equate to spiking taxes.
"Most cases, we think people are going to be seeing like a 4 or 6% increase in taxes, if at all. Some will see more and some will see less," Keith said.
It will translate to about $38.1 million more in property tax revenue for the area, he said.
In January, Montgomery County property owners will get the first-half of their tax bill showing how these increases actually impact them. They can also look-up their final new property value online at mcrealestate-dot-org.
