RELATED: Montgomery County property values rebound from historic drop
“We are seeing values increase countywide. That’s not true of every neighborhood, and it’s not true of every community,” said Montgomery County Auditor Karl Keith. “But most communities across the county are seeing increases.”
Because of a rebound in housing sales, property values rose or held even in all but four of Montgomery County’s 28 jurisdictions, Keith told about 70 local officials Thursday.
The final values approved by the state department of taxation will determine how much money local jurisdictions and school districts can expect to receive from the unvoted portion of local taxes.
Value changes will result in about $4.1 million in more revenue spread across the county’s jurisdictions, according to the auditor’s office. School districts will see more than half that, including Centerville’s, estimated to get an additional $657,517, and Kettering, $466,554. Three districts, Dayton, New Lebanon and Trotwood-Madison are expected to see a slight decrease.
By percentage, Oakwood’s values – buoyed almost entirely by past residential sales – rose the most, nearly 13 percent.
Final values dropped in Jefferson Twp., Perry Twp., Jackson Twp. and Harrison Twp. But the values dipped in those county’s more rural townships primarily due to a change in the way agricultural land is taxed. The formula was changed to ease the burden on farmers, some who had seen taxes climb as much as 300 percent in recent years. The change resulted in about a 30 percent reduction – or $82 million – decline in agricultural land values.
RELATED: Home values have risen in all Montgomery County communities but one
The gain in values countywide will mean an increase for some in the unvoted portion of property taxes. The owner of a $100,000 house that increased in value 6 percent from the last review will pay about $19 a year more. Currently, that homeowner pays about $306. The inside millage accounts typically for about 10 percent of an overall property tax bill, according the auditor’s office.
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