Auditor Keith previews property value update for Trotwood-Madison Board of Education
Auditor Karl Keith presents at a meeting of the Trotwood-Madison Board of Education
FOR IMMEDIATE RELEASE
Date: March 3, 2017
Contact: Mike Brill
Montgomery County Auditor Karl Keith spoke to the Trotwood-Madison Board of Education at their March 2 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 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.
Trotwood specifically has seen a nearly 60 percent increase in sales from the previous three-year cycle, with nearly 65 percent of properties in 2016 selling 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 his analysis of the state’s data, Keith predicts property owners in the central urban areas of the county, including Trotwood, will experience a smaller value increase in 2017 than those in other areas of the county, such as the southern suburbs.
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.
Since the changes in each of the more than 1200 neighborhoods in the county are based off sales factors in each specific neighborhood, the amount of value change will vary by community and by neighborhood within each community, warns Keith. Some neighborhoods may even see a decrease in values, or no change at all.
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 age 65 or older, or those permanently and totally disabled, a property tax credit on their annual real estate tax bill. Montgomery County residents who believe they may be eligible should call the Auditor’s Homestead Hotline at 937-225-4341.