It’s great to hear that Montgomery County has experienced a significant increase in property values! A 30% increase to a total property value of $38.1 billion is indeed a substantial growth. Rising home sales records often contribute to an overall appreciation in property values within a region. As our meeting today with Karl Keith confirmed, that is an “historic growth in values”.
Increasing property values can have several implications. Homeowners may see their investments grow and potentially gain equity in their properties. Local governments may also benefit from increased property values as they can generate higher property tax revenues, which can be allocated towards community services and infrastructure development.
HOWEVER, you will be delighted to learn that at least the actual Tax Bill will NOT increase 30%!! You heard me correctly, the tax bill is likely to adjust between 4-6%, based on a value increase change of $100k. Just as in Real Estate, Property Taxes are also based on LOCAL criteria. Understanding what is going on with your home, street and neighborhood AFFECTS that overall Property Value as determined by the Auditors office.
AND, if you are not happy with the findings (which should be mailed to home owners at the end of the year with the final release) – You MAY be able to file a dispute if you have material information that appears to not be reflected. Curious about this process or want help to navigate the way??? This is a service that Tammy offers to clients, so that the deadline to submit dispute application can be met, and then subsequently the review meeting later in the year can be adequately prepared for and presented on your behalf.
We are not alone, of Ohio’s 88 counties, 41 are reporting INCREASED VALUES (with Franklin County reporting the highest gain of 41%!) What this means is that our schools, communities and infrastructures will benefit from the potential increase in revenues earned 😉
Want to learn more about what Karl Keith and the Auditor’s Office do? Checkout their link here: http://mcauditor.org/