Keith hosted his annual presentation about the state of property in the area on Thursday at Sinclair Community College. He was joined by Warren County Auditor Matt Nolan, who is also the president of the County Auditors’ Association of Ohio, and Union County Auditor Andrea Weaver.
Montgomery County saw an average increase of 34% in residential property value countywide as a part of the state-mandated triennial update in 2023. This past year saw an additional increase in average residential value of 0.6%, with the market value of residential property totaling $601 million.
Last year’s average increase in value was the result of Board of Revision appeals and new construction. Montgomery County saw $298 million in new construction in 2024 — $162 million of this was residential construction. Nearly 9,000 valid residential property sales were also completed last year, according to the Montgomery County Auditor’s Office.
The median home price in 2024 in Montgomery County was $178,000. This is up significantly over the past 10 years, with the median home price coming in at $122,000 in 2014.
Keith said the rising value of property is driven by rising sales costs in recent years, but new levies passed by voters are also contributing to charges on homeowner’s tax bills.
More than 20 bills were introduced in the Ohio General Assembly last year that addressed property taxes in some capacity. Only two of those bills passed, Keith said.
Neighboring Warren County had its triennial update of property value last year. It saw an average increase in property value of 27%.
The County Auditors’ Association of Ohio has a few proposals to bring relief to homeowners, Nolan said. One of these proposals is to expand the Homestead Exemption by increasing the valuation that would be exempt from property taxes and the income threshold.
Officials on Thursday said they have heard from property owners older than 65 who are fearful of being taxed out of their own homes or who need to cut out other necessities, like prescription medication, to make ends meet.
“We’re seeing double-digit growth (in value),” Nolan said. “While this continues, we’re going to tax residential homeowners out of their homes if we continue to see these increases.”
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