Auditor confirms 29 percent increase in property tax value in Montgomery County
DAYTON, Ohio (WKEF) -- The total value of all real estate in Montgomery County has reached its highest point in history, county Auditor Karl Keith confirmed today.
The county has $40.8 billion in total value.
That record high comes as a result of a $9.3 billion increase in 2023's property value update, a 29-percent increase. It doesn't include things like new construction.
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Keith said the recent low in property values was in 2014 when values were $24.7 billion. That's a $16.1 billion increase from 2014 to 2023.
“This is my 23rd year as county auditor and this has probably been the most active year I’ve ever been through,” Keith told local government officials. “We would always indicate that a 34% increase in value does not equate a 34% increase in taxes and that is a fact, that is a for certain. For most people we projected a 4-6% increase in their tax bill.”
The auditor said his office fielded more than 7,000 phone calls about this property value review and they performed 5,117 informal reviews on 5,462 parcels throughout the county.
Keith said that while residential property values have increased about 34% in 2023 the average tax bill should only rise by 4% or 5%.
As for home values, mortgage rates have dropped below 7% for the first time since August. It's now at an average of 6.95%, down from 7.3% last week. This marks the seventh straight week that rates have gone down.
The Federal Reserve has been pausing its rate increases because inflation has been improving and since mortgage rates are expected to keep falling the fed has been signaling rate cuts may be coming next year.
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