DAYTON, Ohio (WDTN) – Montgomery County Audtior Karl Keith announced Monday that total property values in Montgomery County were reduced by $46.3 million as a result of damages stemming from the Memorial Day tornado outbreak.
Many homes and properties were damaged or destroyed as a result of the tornadoes, lowering the property’s value. As a result, property taxes for those properties will go down in 2020, Keith announced.
“This effort has been difficult and demanding,” Keith said. “The devastation we have seen is shocking and heartbreaking.”
In total, the county received 1,268 applications for claims on reduced property value as a result of the Memorial Day tornadoes. Trotwood submitted the most applications with 418, while Harrison Township submitted the second most with 401. Trotwood and Harrison Township combined for nearly two-thirds of all applications.
As an application was received, a property assessment was done via aerial photographs and on-site surveys. A determination was then made as to the extent of the damage, Keith said.
Due to property taxes going down, the county will lose nearly $1.7 million in local tax dollars. As a result, Keith said schools will suffer the most. Trotwood-Madison Schools will lose more than $320,000, Dayton Public Schools will lose more than $248,000, and Northridge Schools will lose more than $121,000.
Keith said that the county expects to report additional significant losses of value when the county finalizes the countywide property valuation in 2020.
“Losses from the Memorial Day tornadoes have long-term implications,” Keith said. “The results we are reporting today are only the initial measure of the impact of the storms on property values.”
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