Below are answers to some common questions about the 2023 property value update. We would also be happy to answer any additional questions you may have. Please call our Property Owner Hotline at 937-225-4326 and we will be happy to assist you.
- I haven’t made any improvements to my property. Why is my property’s value increasing?
Our goal is to set a fair market value on your property: the amount it would sell for on the open market. Your property is an investment, and the value of that investment changes over time as supply and demand change in the real estate market.
- Why haven’t you taken other economic factors, such as inflation, into consideration when setting property values this year?
We feel for our property owners, particularly those on fixed incomes, who are trying to make ends meet during uncertain economic times. Our property value adjustments must be based on recent activity in the real estate market. We are not permitted to consider other factors, like inflation. We are also unable to consider predictions of future real estate market activity when updating values.
- Are you increasing my property values to help pay for schools in another part of the county?
We get it - there are a lot of reasons not to like property taxes. But one advantage of property taxes is that your tax dollars stay in your community.
Your property taxes do not fund schools or other jurisdictions in other parts of the county. They are used to fund the services in your community that you rely on, such as your local police and fire services and your local school district.
- Are you increasing values to bring-in more revenue for the county? Did the state recommend a large increase so that they get more money?
The State of Ohio is not a recipient of property taxes, and the Montgomery County General Fund only receives about three cents of every tax dollar. The primary recipient of your property taxes is your local school district.
It’s the responsibility of the Ohio Department of Taxation to standardize property values from county to county, which is why they provide recommended value changes that county auditors must meet. As the Auditor’s Office, it’s our responsibility to make sure our values are fair and equitable in each community and each neighborhood.