DAYTON, Ohio (WDTN) – Property values in Montgomery County are declining.
Montgomery County Auditor Karl Keith released the newest property value assessments during a news conference Tuesday morning.
The newest assessment shows a 4 percent decline since the last update in 2011.
Keith say residential home values declined 4.9 percent, while commercial values declined 1.7 percent.
Bottom line? More than 70 percent of Montgomery County homeowners will see some decrease in their property’s value. The total loss in value is $1-billion.
The slide is a continuation of a lagging housing market. Values dropped 7 percent in 2011.
Keith says the values are at the lowest level in a decade.
He did share some positive news. There was a significant drop in foreclosures in 2013, almost half the number since 2008 figures. Major constructions projects are also on the rise in the county such as 223 new housing units built in Washington Township.
The Auditor’s Office will mail out home assessments to owners at the end of July. Homeowners will have a chance to request an informal review sometime in August.