Montgomery County Auditor Karl Keith announced the results from the county’s 2014 property revaluation this week saying values have dropped more than $1 billion to the lowest level in more than a decade.
Assessed property values in Montgomery County have decreased by approximately 4%. Residential values declined by 4.9% and commercial property values are down 1.7%.
"Our study shows that more than 70% of residential homeowners have seen some decrease in the value of their property," Keith said. "The total loss of value in the county will exceed $1 billion."
County auditors in Ohio are required to conduct countywide property revaluations once every six years. The 2014 revaluation reflects the state of the local real estate market during the years 2011, 2012 and 2013.
Keith said the results of this year’s update is one measure of how much the Great Recession and the housing crisis has "rocked communities like ours all across the country."
"Over the past seven years, the county’s total property value has declined by more than 12%," Keith said. "Property values are at their lowest level in more than a decade. Clearly, the recession has been a kick in the gut."
There are signs of some improvement in the local real estate market according to the auditor. "Real estate sales have increased steadily over the past three years, a sign of a much healthier market than the previous three year period," he said.
The auditor will hold a briefing with local officials next week to go over the details of this year’s revaluation and discuss how the results will impact specific cities, townships and school districts in the county. Notices informing property owners of their new tentative values will be mailed toward the end of July.
Informal hearings will be held at a variety of locations around the county during the month of August for those who have questions or who wish to discuss their new values before these preliminary results are finalized.
Additional information regarding the 2014 Revaluation Project is available on the county’s website at www.mcreval.org.
Date: July 01, 2014