DAYTON, Ohio (WDTN) – After years of decline, property values are back on track in Montgomery County. Thursday, the Montgomery County auditor Karl Keith announced almost every jurisdiction has noted a comeback from the recession.
Keith said it was the first time in a few cycles, he’s delivered the triennial update with good news.
Since 2008, the county steadily lost a total of $3.5 billion in property value.
“We were certainly anticipating that we were going to see a big turnaround, but I guess it does surprise us that it was across the board, county-wide,” Keith said.
Keith made the announcement with projector screens flashing “back on track” behind him at Sinclair Conference Center and he said the most recent numbers show the biggest increase in values since the Great Recession.
In total, Montgomery County property values climbed 4.5% since 2014 and recouped $1.2 billion of lost value.
Keith’s staff noted the most dramatic growth in Dayton’s southern suburbs.
Kettering, Washington Township, Oakwood, Centerville, Miami Township and Miamisburg together accounted for 70% of the county’s property value rebound.
Kettering properties alone increased more than $235 million.
Residents in the burgeoning community said they weren’t surprised to hear values were increasing. Mike Naylor said he’s watched his home value increase steadily since moving to Kettering 14 years ago.
“What’s nice is you put a house up for sale in this neighborhood and there’s a ‘pending sale’ sign up within probably a week or two,” Naylor said.
Though Naylor saw the increased value as a hallmark of an improving economy, he said he was concerned about his property taxes also increasing.
Keith said it will vary across the county, but rising property values likely won’t have a large impact on taxes.
For example, someone with a $100,000 home who experiences a 6% increase in value this cycle will pay $19 more per year than previously.
The auditor’s office will send out notices of individual property evaluations on Monday, July 24th. Property owners can review and appeal their values at informal review sessions in August and September.