Home and commercial property values have risen in nearly all areas of Montgomery County over the past three years, the county auditor reported Thursday.
A revaluation of property values in the county found higher home values in all but one jurisdiction in the county. That will likely lead to slightly higher property taxes for local residents and will bring Montgomery County communities at least $4 million in additional revenues generated by one property tax, county Auditor Karl Keith said Thursday.
“It doesn’t restore the total loss of revenue they experience in the declines of ’11 and ’14 but it does put them back on track,” said Karl Keith, Montgomery County auditor. “It puts them back where they are seeing growth.”
Local property values plunged in the Great Recession and were found to have barely recovered in the last revaluation in 2014.
Properties in four of Dayton’s southern suburbs accounted for more than half of a nearly $1.2 billion overall market value gain since 2014. The value of all property, including residential and commercial, is up 4.5 percent from 2014, he said.
Residential property values in all but one of Montgomery County’s 28 cities, villages and townships climbed over the last three years, Keith said during a presentation at Sinclair Community College. Only home values in Harrison Twp. did not rise.
In total dollars, Kettering’s property gain of more than $235 million was the county’s highest. Joined by Washington Twp. ($203.7 million), Oakwood ($114 million) and Centerville ($109.3 million), the four accounted for 56 percent of all the county’s property-value growth since three years ago.
“These four are certainly leading the way and most of the county’s growth is in those four suburbs,” Keith said.
Ohio counties review and adjust the tax-values of all local properties every three years.
Harrison Twp. residential values dipped 1.5 percent from three years ago; that is much lower than declines of 15.7 percent and 14 percent in the last two revaluations.
“It’s significant that every subdivision has seen an increase and every subdivision has seen improvement. Even with Harrison’s decrease, they’ve still seen improvement,” Keith said.
Countywide, the market value of housing is up 6.3 percent with more than 60 percent of residential properties appraised higher than in 2014, according to preliminary valuations. During the 2014 process, 70 percent lost value, dragged down by the lingering fallout from the Great Recession and a sub-prime mortgage crisis.
Kettering Mayor Don Patterson said he was a little surprised by the news of a 7.7 percent increase in total market value, which includes both residential and commercial properties.
“The Montgomery County property value appraisals certainly confirm what we know to be true of the Kettering community,” Patterson said. “Our neighborhoods are highly desirable. Our schools are excellent. Our retail centers like Town & Country are thriving after recent reinvestment.”
The value of residential properties in Dayton dipped 11.7 percent in 2011 and fell another 10.6 percent in 2014. This year, estimates are that Dayton’s market value gained 1 percent, or more than $21 million, in both residential and commercial properties.
Keith said the reversal of fortune for Dayton’s residential values is meaningful for the entire region because a third of the county’s housing stock is within the city.
“That’s one area we take a close look at,” he said. “It’s in the urban core and it’s in those urban core areas that were most impacted by the decline in the housing market. So seeing those urban core areas come back with positive numbers this time really means a lot for the whole community.”
The gain in values countywide will mean an increase for some in the un-voted portion of property taxes. The owner of a $100,000 house that increased in value 6 percent from the last review will pay about $19 a year more. Currently that homeowner pays about $306. The inside millage accounts typically for about 10 percent of an overall property tax bill, according the auditor’s office.
The results of levy elections in November will have a greater effect on the property taxes, Keith said.
Oakwood home values went up an average of 14 percent, according to the new data. City Manager Norbert Klopsch said that means property taxes will rise slightly for the residents, and that the increases were seen “across the board.”
“It of course requires a bit more taxes to be paid,” Klopsch said.
The new valuations are expected to generate an additional $135,000 a year for Oakwood from inside millage.
Huber Heights City Manager Rob Schommer said he was encouraged by the increased value of property in his community.
“A lot of hard work has been put in from our entire community to strengthen and grow the local economy,” Schommer said. “Proof is in the results, showing Huber Heights has the highest increase among the northern Montgomery County communities, and in the top 25% of all communities in overall increase of market value change. That does not even include the millions of dollars in increased values our community has seen in the growth within Miami County.”
Staff Writers Tremayne Hogue and Will Garbe contributed to this article.
Triennial update process
- The update is based on real estate trend data for the past three years. Value changes are based on factors specific to each neighborhood.
- Property owners will be mailed tentative values from the Montgomery County Auditor’s Office beginning July 24 through part of August.
- There is an appeals process. Fifteen sites will be set up in August and and September for property owners to meet with certified appraisers to correct mistakes or ask questions. Instructions for appealing are included on the letter.
- Questions: Property Owners Hotline, 937-225-5096