DAYTON — Final property values have been released for Montgomery County property owners, marking the conclusion of the year-long value update process.
Speaking to more than 70 local government officials December 14 at Sinclair Community College, Montgomery County Auditor Karl Keith announced that county real estate has gained more than $1 billion in value, a 4.6% increase. In addition, more than $100 million in newly constructed buildings and property improvements were made in 2017 alone.
“The county’s real estate market is back on track,” said Keith. “We’ve seen a large amount of construction and growth, which is an indicator of consumer confidence.”
The county’s southern suburbs represent most of this growth, with 75 percent of the total increase in values occurring in Washington Township, Kettering, Oakwood, Centerville, Miami Township and Miamisburg. Centerville and Washington Township in particular have seen a burst of residential development this year, with more than $38 million in home construction.
This property value update is based on real estate activity between 2014 and 2016. Initial statistics show that the county’s real estate market continues to grow. This year, nearly 80 percent of valid real estate sales were for prices higher than the county’s new assessed value.
“I host my annual update each year to provide local governments with accurate and timely data to help them make informed decisions on behalf of the citizens they serve,” said Keith.
The bottom line was most important to many officials who attended Keith’s presentation. This real estate growth will lead to a small increase in revenue for most area schools, cities, townships and villages. In total, local governments will experience a small $4 million increase in funding. This will help local governments following the $42 million in revenue loss they have experienced since 2008.
Previously, only tentative property values had been released. The final values incorporate informal appeal results and other factors. More than 3300 property owners had an informal value review meeting, nearly half of whom received a reduction in their property’s value.
Property owners will receive notice of their final property value in the mail near the end of the year. The final values are also online today at www.mcrealestate.org.
Property owners may file a formal appeal of their final value with the Board of Revision between January 1 and March 31 of next year. The Board of Revision is a quasi-judicial body that allows individuals to present evidence to suggest a need for a change in a property’s value. More information about the Board of Revision can be found at www.mc-bor.org.