DAYTON — Montgomery County Auditor Karl Keith spoke to the Miami Valley School Business Officials at their March 21 meeting providing an overview of his office’s 2017 triennial property value update and how the real estate recovery will impact school districts.
Keith’s countywide triennial property value update is based on sales trends from the previous three years. Values were last updated in 2014 when properties were canvassed as part of the sexennial revaluation.
Preliminary sales ratio data obtained from the Ohio Department of Taxation shows the county real estate economy improving. However, those value changes are based off sales factors specific to each neighborhood. Therefore, Keith warns, the amount of value change will vary between each of the county’s 1,200 neighborhoods. Even neighborhoods in the same city, village or township may see different value changes.
“The real estate market is improving as the local economy rebounds from the Great Recession,” said Keith. “This is an uneven recovery, though, so homeowners in one area may see a smaller value increase than those in another area.”
Real estate market health is important for school districts because nearly half of school revenue comes from local property taxes, according to the Ohio Department of Taxation.
Keith informed the treasurers that, although property values and tax revenue are not directly correlated, property tax revenue may grow from real estate construction in their communities. Montgomery County has welcomed $352 million in new construction within the last two years. Communities that have large increases in construction will also experience increases in revenue for their school districts.
Residents will be mailed tentative values in late July. Individuals who wish to appeal their new value will have many opportunities to do so, according to Keith. The Auditor’s Office will be hosting informal review sessions in August and September, at which property owners will be able to discuss their value with a certified appraiser. Property owners will also be able to formally appeal their new values in 2018 to the Board of Revision, a quasi-judicial board that allows taxpayers to share information about their properties with the county.
“I will make the valuation process fair and impartial by giving every taxpayer the opportunity to weigh in on their property’s value,” said Keith. “And I will be working hard to ease the burden on taxpayers by promoting my office’s many tax-saving programs such as the Homestead Exemption.”
The Miami Valley School Business Officials (MVSBO) focus on empowering school board officials, such as school treasurers, to make confident, well-informed decisions leading to the success of the districts they serve. Champaign, Clark, Darke, Greene, Logan, Montgomery, Miami, Preble, and Shelby are the counties represented by the MVSBO.
Groups interested in hosting an event to learn more about the triennial update should email Mike Brill, executive assistant to the county auditor, at email@example.com.