Final updated property values from this year’s revaluation are consistent with the results announced earlier this year according to Montgomery County Auditor Karl Keith despite factors that have adjusted the results for thousands of individual property owners since the tentative values were released in July.
Keith told more than 80 local government officials gathered in Dayton on December 16 for the Auditor’s Annual Update that property values in Montgomery County continue to show an overall decline of slightly more than $1 billion. Final values from the 2014 revaluation have been submitted and approved by the Ohio Department of Taxation and property owners will receive notices informing them of the final results after the first of the year.
“The county’s overall decline in value remains at about 4%,” Keith said. “Around 170,000 parcels and about 72% of the county’s homeowners have seen some decline in their assessed value as a result of this year’s revaluation.”
The county’s urban core communities of Dayton, Trotwood, Riverside and Harrison Township saw the largest percentage value decreases while the townships of Jackson, Perry, Clay, and German saw the highest percentage rise in values driven primarily by dramatic increases in the value of farmland throughout Ohio. Total agricultural values in the county have risen 44% based upon a formula used by the Department of Taxation that factors average crop prices and production costs over the past seven years.
Keith said the auditor’s office conducted more than 8,300 informal property value reviews during the summer after the tentative new values were released, meeting with individual property owners who requested adjustments to their values. These reviews resulted in an additional net value reduction of $103 million.
On a positive note, Keith said the local real estate market continues to improve and is much healthier than three years ago with a steady increase in the number of sales