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As a result of recent record-high home prices, property owners should expect to see record-setting property value increases with this property value update. The Ohio Department of Taxation has recommended a 37% average increase in residential property values, and property owners can expect the countywide average value increase to be close to this recommendation. However, value changes will vary by neighborhood.
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Over the past three years, the Montgomery County real estate market has experienced growth at a rate we have never seen before. In 2022, more than 83% of properties sold in Montgomery County went for a price higher than the county’s current value. Most of those properties sold for a price significantly higher than the county's current value.
Home prices in Montgomery County have been off the charts, and now our property values are catching up to the robust housing market seen across the state and the country. As a result of these record-setting sales prices, property owners should expect to see record-setting property value increases with this update.
This property value update is based primarily on real estate activity from 2022, and we are not allowed to consider sales activity from 2023. But even in 2023, although the number of real estate sales has decreased slightly in Montgomery County, the prices of those sales have continued to increase.
The Auditor’s Office is required by the Ohio Department of Taxation to update property values in 2023.
County Auditors are required to perform a full reappraisal of property values every six years. During a full reappraisal, each property is visually inspected and each property’s value is determined on an individual basis. Montgomery County’s last reappraisal was in 2020.
Auditors are required to perform a market update three years after each reappraisal. That is called the Triennial Update, which we will be completing in 2023. During a Triennial Update, we adjust property values by neighborhood based on recent real estate sales prices in that neighborhood.
We adjust values by neighborhood based on the prices of recent real estate sales in that neighborhood.
The value of each property in a neighborhood will increase or decrease by the same percentage, so property values catch up to recent sales prices in that neighborhood.
When adjusting values, our goal is to set a fair market value on your property: the amount it would sell for on the open market.
The best indicator of the amount a property will sell for on the open market is the prices of similar properties in the same area in 2022.
If you do not believe that you could sell your property for the value set by our office, please consider participating in our informal review or formal appeal processes.
We have created a new tool where you can see the recent 'valid' real estate sales in your neighborhood. These are the sales that our appraisers reviewed when updating your property’s value.
We have outlined around 1,350 neighborhoods for the purposes of this project. Each neighborhood is a grouping of properties with similar characteristics in the same geographic location. You can use the new tool to see the neighborhood your property is in.
You will only see 'valid' sales on our sales dashboard, because those are the sales when we are establishing new values. A valid sale is when a property is put on the open market, with a willing buyer and a willing seller. If there was a sign in the yard or a listing online, there is a good chance that we consider the sale to be a valid sale.
Examples of invalid sales include:
The Ohio Department of Taxation has recommended a 37% average increase in residential property values and a 13% average increase in commercial property values for our 2023 property value update.
Property owners can expect the countywide average increases to be close to the State’s recommendations because the Tax Commissioner will typically reject proposed values that are not in-line with their request.
It’s the responsibility of the Department of Taxation to standardize property values from county to county, which is why they perform their own analysis and provide recommended value changes that county auditors must meet.
It’s our responsibility as the Auditor’s Office to make sure our values are fair and equitable in each community and each neighborhood. We perform our own, more detailed analysis, and determine how much to adjust property values in each neighborhood based on recent sales prices in each neighborhood.
Other counties in Ohio also received recommendations from the State for robust residential property value increases this year, most between 32-43%.
In summer 2023, we will mail notices of new values to all property owners. After that time, you can visit www.mcrealestate.org to look-up your property’s new value.
The new values will take effect at the beginning of 2024 and will impact property tax bills paid in 2024.
If you disagree with your property’s new value, we welcome you to meet with us to discuss your property in detail.
We will be hosting informal review meetings in August and September 2023. During these meetings you can discuss your property’s value with one of our appraisers over Zoom or telephone. Please visit the informal reviews page to find a time convenient for you.
In January-March of 2024, you will also have the opportunity to file a formal appeal of your value with the Board of Revision. Please visit the Board of Revision page to learn more.
A 37% increase in residential values will not result in a 37% increase in taxes.
We know many property owners are concerned about how rising home values will translate into property taxes. It is true that many property owners will see an increase in taxes, but you should know that taxes will not go up at nearly the same rate as values.
Please visit this webpage for more information on how the 2023 property value update will impact property taxes.
Adjustments will be made to the values of commercial properties based on the use of the property and the neighborhood they are located in. These value changes will be based on recent sale prices of similar, nearby properties.
The Ohio Department of Taxation has recommended a 13% increase in commercial property values in Montgomery County. However, commercial value changes are expected to vary significantly by property use (apartments, retail, office space, etc.).
All property owners who disagree with their value are welcome to schedule an informal review session to discuss their property in detail with one of our appraisers.