Notices informing Montgomery County property owners of tentative new values determined for their properties are in the mail.
County Auditor Karl Keith announced that more than 200,000 notices have been mailed allowing property owners to see how the results of the county’s 2014 comprehensive property revaluation has impacted individual properties.
Preliminary results indicate the county’s total property value has declined by 4 percent, but every parcel will be affected differently according to the auditor.
“There are a number of factors that come into play in determining individual values,” Keith said. “More than 70 percent of homeowners in the county will see some decline in their value, but there are others that will see an increase.”
Property owners with questions or who want to discuss their new values with a county representative one-on-one may request an informal property value review. These reviews will be held at more than a dozen locations around the county. Property owners can schedule an appointment by calling 937-853-5700.
The Auditor’s Office is also offering a free online option for property owners to file an informal property value review electronically. Online value reviews are available through a link on the Auditor’s website at www.mcreval.org.
Keith said the preliminary results of this year’s revaluation will be distressing news for many homeowners. “More than 40 percent of residential properties will see a double-digit decline in value,” he said. “And more than 38,000 properties have decreased by more than 20 percent.”
These results have led the auditor to join County Treasurer Carolyn Rice and Dayton Mayor Nan Whaley in a cooperative effort to raise awareness of resources available to assist troubled homeowners.
“We understand the dilemma that many homeowners face who find their property values falling significantly,” Rice said. “While there are no easy answers, we want to be sure that homeowners know there are resources available to help them sort out their options and move forward.”
Rice noted that programs available for struggling homeowners include local housing agencies and touted HOPE NOW as one such program being offered to citizens of Montgomery County.
HOPE NOW, developed by the Department of the Treasury and the U.S. Department of Housing and Urban Development, is a national alliance of housing counselors, mortgage companies, and investors, working together to maximize outreach efforts to homeowners in distress.
“The bottom line is that these are sensitive times and we are here to help. HOPE NOW and other local housing agencies are focusing on foreclosure prevention,” Rice said. “We are advising homeowners in need to contact Help Link 2-1-1 for aid.”
Dayton Mayor Nan Whaley said her city has been hit hard by the nationwide financial crisis, and she understands the problem abandonment and vacancy has had on Dayton neighborhoods.
“Dayton has witnessed first-hand the community impacts of the Great Recession,” Whaley said. Over the last six years, we have worked hard to address the housing crisis by using Neighborhood Stabilization funds and other programs and initiatives. If a homeowner is struggling to stay in their home, we urge them to take advantage of these free resources designed to help.”
Date: July 29, 2014