DAYTON — Montgomery County Auditor Karl Keith spoke to the Montgomery County Township Association at their April 20 meeting to provide an overview of the 2017 triennial property value update, discussing how improvements in the real estate market will affect Englewood.
Keith’s countywide triennial property value update is based on sales trends from the previous three years. Values were last updated in 2014 when properties were canvassed as part of the six-year revaluation.
Preliminary sales ratio data obtained from the Ohio Department of Taxation shows the county real estate economy improving. However, those value changes are based off sales factors specific to each neighborhood. Therefore, Keith warns, the amount of value change will vary between each of the county’s 1200 neighborhoods. Even neighborhoods in the same city, village or township may see different value changes.
“The real estate market is improving as the local economy rebounds from the Great Recession, said Keith. “This is an uneven recovery, though, so homeowners in one area may see a smaller value increase than those in another area.”
Keith informed the Township Trustees that, although property values and tax revenue are not directly correlated, property tax revenue may grow from real estate construction in their communities. Montgomery County has welcomed $352 million in new construction within the last two years. Communities like Englewood, as well as Northmont City Schools, will experience increases in revenue from this new construction.
Keith says these revenue increases in the 2017 triennial property value update are in stark contrast to the revenue drops jurisdictions in Montgomery County have previously experienced. The past two updates, in 2011 and 2014, resulted in a $46 million total decline in tax revenue countywide.
Residents will be mailed tentative values in late July. Individuals who wish to appeal their new value will have many opportunities to do so, according to Keith. The Auditor’s Office will be hosting informal review sessions in August and September, at which property owners will be able to discuss their value with a certified appraiser. Property owners will also be able to appeal their new values, during a formal hearing, in 2018 to the Board of Revision, a quasi-judicial board that allows taxpayers to share information about their properties with the county.
“I will make the valuation process fair and impartial by giving every taxpayer the opportunity to weigh in on their property’s value,” said Keith.
Groups interested in hosting an event to learn more about the triennial update should email Mike Brill, executive assistant to the county auditor, at email@example.com.