The total annual bill for property owners in Montgomery County’s will top $1 billion for the first time this year, following a surge in property values.
County Auditor Karl Keith released the new data showing a $56.6 million increase in total property taxes.
The average property owner will see a 5.8% rise in their property tax bill.
Last year, the county revalued all properties, and property values overall increased $8.5 billion over the past three years.
This includes a record 34% average increase in residential property values, driven by recent “off the charts” home prices throughout the county, Keith reported.
This will result in more than $38 million in new money for schools, cities, townships, and the county’s general fund.
In addition to the record-high home prices, a combination of other factors will contribute to this year’s historic $56.6 million increase in revenue.
New construction in the county reached an all-time high in 2023, and taxes on those new buildings and structural additions will bring $7.5 million in new revenue to jurisdictions. 13.9% increase in the values of public utility properties, which are set by the state, will generate another $6 million. Finally, voters approved three new levies last year that will generate $4 million in additional revenue.
The county said property owners can look-up their final new value and the amount of their 2024 taxes online.
Property owners who disagree with their new value can appeal with the Board of Revision before April 1.