DAYTON, Ohio (WDTN) — The state of Ohio has asked Montgomery County to raise property values 37 percent.
According to Montgomery County Auditor Karl Keith’s office, the Ohio Department of Taxation has requested the county to increase residential property values by 37 percent. A release from the office says the increase in values will not make property taxes increase by 37 percent.
“A 37 percent increase in values will not result in a 37 percent increase in taxes. The Ohio Constitution has measures in place that prevent large increases in property values from causing large increases in taxes,” Keith said. “Some property owners may see their tax bill increase, but others will see theirs stay about the same or even decrease.”
The state recommended the value changes to twelve other counties in the state of Ohio, which averaged 34 percent for the counties combined.
In 2022, more than 10,500 residential properties were sold in Montgomery County. Of the total homes sold, over 83 percent sold for a higher price than at the county’s current value.
The recommended value increase by the state is not finalized.
“The Auditor’s Office plans to submit their tentative property value adjustments for each neighborhood to the Department of Taxation by Memorial Day,” the release says.
“The Tax Commissioner then has the authority to approve the values or require the county to make changes if they feel the values do not match their recommendation. Once the state has approved the county’s values, Keith’s office will mail a notice to each property owner of their tentative new value.”
The last time Montgomery County evaluated prices was back in 2020.
Greene County has received a recommended increase in values of only 32 percent. Butler County is also evaluating its property value update for 2023, but the state has not provided the county with a recommendation for its properties.