DAYTON — Montgomery County has regained the real estate value it lost during the great recession and has reached its new highest total value in history: $29.8 billion.
Montgomery County Auditor Karl Keith announced the new peak property value via Zoom to more than 70 local government officials on December 10.
The new total is a result of an additional $3.5 billion property value from the 2020 property revaluation, a 13.3 percent increase from 2019’s values. A residential increase of 15.5 percent added $3.1 billion in value, representing most of the change. Commercial values also increased 8 percent overall, adding another $400 million.
In North Montgomery County, Englewood will see a $106.8 million increase in value and a 17.54 percent residential increase. Clayton will add $66.4 million in value, with a 10.66 percent residential increase. Union saw a $50 million increase, a 17.55 percent residential increase from 2019.
In Northwest Montgomery County, Brookville will see a $43 million increase in value and a 15.58 percent residential increase. Clay Township will add $3.6 million in value, with a 9.42 percent residential increase.
“These new values reflect the robust real estate growth the county has experienced these past three years,” said Keith. “We’ve seen a large amount of construction and a large number of sales, which are indicators of this growth.”
Montgomery County is on track this year to match the record-high residential sales numbers it had the previous two years. The county had 9,219 valid residential sales in 2018 and 9,174 in 2019. This year, it has 8,397 valid residential sales through the end of November. These sales also show that homes are increasing in value. Nearly 78 percent of valid residential properties that sold in 2020 went for a price that higher than they are currently valued by the county.
Real estate construction also boomed in 2020. The county experienced $431 million in new construction this year, with $122 million in residential and $309 million in commercial new construction. This includes new housing complexes like Allure Apartments in Centerville, commercial development like the new Hilton hotel in Huber Heights, and repairs to properties damaged in 2019’s Memorial Day tornadoes.
Property owners will receive notice of their final property value in the mail near the end of the year. The final values are also online today at www.mcrealestate.org.
Residential property owners will find that their final property value is different than the tentative value they received this summer. Although the county’s tentative residential increase of 7.4 percent already represented the county’s highest increase in property value since 2005, the Ohio Department of Taxation rejected the county’s proposed values and required a greater residential increase of 15.5 percent.