Auditor Keith previews property value update for Huber Heights Board of Education
Preliminary data indicates Huber Heights will see value increases
Auditor Karl Keith presents at a meeting of the Huber Heights Board of Education
FOR IMMEDIATE RELEASE
Date: March 10, 2017
Contact: Mike Brill
Montgomery County Auditor Karl Keith spoke to the Huber Heights Board of Education at their March 9 meeting about what he calls an ‘uneven recovery’ in the county real estate market, providing an overview of his office’s 2017 triennial property value update.
Keith said Montgomery County as a whole could see a 3-5 percent increase in residential property values in 2017. Keith said this forecast is based on a total of nearly 17,000 valid real estate sales in Montgomery County from 2014-2016, which was a nearly 50 percent increase in sales from the previous three-year cycle.
Huber Heights specifically has seen a nearly 70 percent increase in sales from the previous three-year cycle. Nearly 80 percent of Huber Heights properties in 2016 sold at a price higher than the county’s current value, indicating a need for an increase, according to Keith.
Preliminary sales ratio data obtained from the Ohio Department of Taxation shows the county real estate economy improving. However, that growth has manifested itself differently in various areas. Some jurisdictions will see significant increases in property values, while others will see more modest, if any, increases.
“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.”
From Keith’s analysis of the state’s data, he predicts property owners in the northern suburbs of the county, including Huber Heights, will experience a greater value increase in 2017 than those in the more urban areas.
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 sexennial revaluation.
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.
Residents of all these county neighborhoods 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 formally appeal their new values 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. “And I will be working hard to ease the burden on taxpayers by promoting my office’s many tax-saving programs.”
One such tax-saving program is the Homestead Exemption, which provides homeowners a property tax credit on their annual real estate tax bill. Residents are eligible if they are age 65 or older, or permanently and totally disabled. Montgomery County residents who believe they may be eligible should call the Auditor’s Homestead Hotline at 937-225-4341.