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2017-07-19 Montgomery Property Values Up | By: Fellow GDREIA Members

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Montgomery Property Values Up
 by Larry D. Hudson
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Montgomery County Auditor Karl Keith brought good news to Greater Dayton REIA’s Third Wednesday meeting (7/19/17). Keith told the meeting the value of Montgomery county real estate is on the rebound following a long slide.
Though this is probably not news to property investors, specifics behind the assertion are.
The 2017 market update from Keith’s office, based on three years of market data, show that 63 percent of properties in Montgomery County gained value. Overall, the average rate of increase for residential property was was 6.3 percent, Keith said.
When the much smaller growth of the county’s commercial properties is included, the overall average appreciation of property in Montgomery is 4.5 percent. Keith said appreciation figures vary by neighborhood across the county.
In contrast to the 2017 market update, the 2014 property revaluation showed 72 percent of properties in Montgomery County losing value.
Even with the increased pace of real estate sales and rising values in the county’s real estate, values have still not returned to the values recorded in the 2005 report.
Keith explained that the sharp fall in sales and values in Montgomery County real estate was first identified in 2008’s survey figures. That year’s 12 percent loss of value in Montgomery County real estate amounted to an aggregate loss of $3.5 billion, he said.
This year’s stronger valuation report identified a countywide valuation increase of $1.2 billion, or about one-third of the loss first recorded in 2008.
The Montgomery County Auditor is required by law to update property values in the county for tax purposes every three years, Keith said. The full revaluation, which includes visits to properties by employees of an outside contractor working for the county, occur every six years.
The most recent of these was conducted in 2014, he said.
The county auditor is also tasked with providing a market update three years after each property revaluation year, Keith said. The market updates are based on market data from real estate sales and best estimates for properties with few comparable sales, Keith told the meeting.

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