The 6.3 percent rise in residential value and 4.5 percent overall growth represent “a significant turnaround for the county,” Keith said Thursday during an update of tax values for residential and commercial properties in the county.
Here’s what’s behind the process and what’s next:
Three-year cycle: Ohio's county auditors are required by law to reappraise all property in the county every six years and update values in the third year of the cycle. This is a reappraisal year for tax values.
Preliminary update: The auditor's office has concluded the tentative valuation of properties and presented the overall numbers for the county this week. Values on all properties, including commercial, were up $1.2 billion, clawing back about a third of the $3.5 billion in value lost after 2008. The county's tentative total property tax value is a little more than $26 billion.
Officials to get detailed numbers: The county auditor will brief officials of Montgomery County's communities next week on how the numbers may impact local tax bases. While some of the county's 1,200-plus neighborhoods may see significant increases in property values, others may see little or no increase. The typical property tax bill is made up of taxes that vary by kind and from jurisdiction to jurisdiction.
Property owners notified: Notices of new tentative property values will be mailed out to owners beginning July 24. The notices will contain the current and updated values and instructions on how property owners can dispute a valuation through a review process. New values will be applied to 2017 taxes payable in 2018.
About the Author