April 19, 2023
Montgomery County Auditor Karl Keith reported that the Ohio Department of Taxation has requested a 37% increase in residential property values from the county’s 2023 property value update.
This requested increase is in-line with the state’s recommendations for the 12 other Ohio counties completing a “triennial” property value update this year, which range from 20% in Athens County to 43% in Clermont County. The average residential value increase requested by the state for 2023 is 34%.
During this year’s triennial update, the Auditor’s Office will adjust property values by neighborhood by analyzing recent sales prices in each area. This will allow the county’s property values to catch up to recent activity in the real estate market. Home prices have risen since the county’s last property revaluation in 2020. Of the 10,500 residential properties that sold in Montgomery County in 2022, more than 83% went for a price higher than the county’s current value. Keith says these rising real estate prices are good news for property owners.
“Montgomery County property owners have found themselves on increasingly solid ground,” said Keith. “For most homeowners, their property is their largest and most important investment. They have seen a tremendous return on that investment in recent years, as the real estate market has gained ground.”
While some property owners can expect a modest increase in their property tax bill due to these gains in the real estate market, Keith emphasized that this increase will be much milder than the 37 percent increase in property values.
“A 37% increase in values will not result in a 37% increase in taxes. The Ohio Constitution has measures in place that prevent large increases in property values from causing large increases in taxes,” said Keith. “Some property owners may see their tax bill increase, but others will see theirs stay about the same or even decrease.”
Keith explained that the value increase recommended by the State is not yet final. The Auditor’s Office plans to submit their tentative property value adjustments for each neighborhood to the Department of Taxation by Memorial Day. The Tax Commissioner then has the authority to approve the values or require the county to make changes if they feel the values do not match their recommendation. Once the state has approved the county’s values, Keith’s office will mail a notice to each property owner of their tentative new value.
If a property owner does not agree with their property’s tentative new value, they will have the opportunity to schedule an informal review meeting with the auditor’s office later this year to discuss their property in detail. Property owners can find more information about Montgomery County’s 2023 property value update at www.mcreval.org.