Montgomery County Auditor Karl Keith announced today that property values in Montgomery County for both residential and commercial properties have increased slightly for the first time since 2009.
Keith made his announcement at his annual auditor’s update held December 12 in Dayton. State Sen. Bill Beagle, State Rep. Mike Henne and a number of county officials joined more than 80 local government leaders from various cities, townships, libraries and school districts who were in attendance at the auditor’s presentation.
"If you are looking for signs of improvement in the real estate market, this is a good indicator," Keith said. "Total values in the county have experienced a net increase of $22.8 million and residential values have increased for the first time in six years."
Keith cautioned that even with this year’s slight increase "total property values continue to be more than $2.5 billion below the county’s high mark in 2009."
The Auditor reported that 12 of 28 jurisdictions in Montgomery County realized a net increase in their property values. The jurisdictions that realized the highest percentage increase in values are Englewood, Washington Township, Vandalia, Moraine, Dayton and Phillipsburg.
According to Keith much of this year’s increase is driven by new construction and expiring tax abatements. New construction in Washington Township totaled more than $37 million representing 223 new housing units. The new River Park Development and Premier Plaza helped to account for more than $46 million in new construction in the city of Dayton.
"While some areas of the county are beginning to see signs of improvement, other areas continue to struggle with the effects of the housing crisis and reductions in value as the result of appeals to the county’s Board of Revision," Keith said. "This will continue to present some major challenges for many communities for a number of years."
Date: December 12, 2013