DAYTON – Montgomery County Auditor Karl Keith announced that property values will increase in Vandalia by 5.4 percent on Thursday July 20 at the Sinclair Conference Center, describing the county’s real estate market as “back on track.”
Speaking to more than 70 local government officials, he said property values have increased in all jurisdictions in the county but one. Vandalia will see a 3.5 percent overall increase, with a 5.4 percent residential increase and a 0.01 percent commercial increase, adding a total of $34 million to Vandalia property values. This increase is in stark contrast to the 2.7 percent and 4.8 percent decrease in Vandalia’s property values between 2008 and 2014.
Similarly, Butler Township will see a 1.9 percent overall increase, with a 2.7 percent residential increase and a 0.8 commercial decrease, adding a total of $13 million to Butler Township property values.
“Vandalia and Butler Township are experiencing a comeback from the Great Recession”, Keith states. “Property values are regaining ground across the county. This is an indicator of consumer confidence and of a real estate economy that is back on track.”
Keith said Montgomery County has experienced a 4.5 percent increase in property values. Residential values in the county have increased 6.3 percent, while commercial values, on aggregate, have remained flat. Montgomery County property values will increase by a total of $1.2 billion.
This data shows the local real estate economy is improving and is indicative of growth in the county, according to Keith. However, that growth has manifested itself differently in various areas. Since the changes in each of the more than 1200 neighborhoods in the county are based off sales factors in each specific neighborhood, the amount of value change will vary by community and by neighborhood within each community, Keith said.
Property owners will receive a notice of their tentative new value in the mail in late July. The Montgomery County Auditor’s Office invites the community to review and appeal their values at informal review sessions, which will be held in August and September. In the Vandalia area, informal review sessions will be held at the Huber Heights YMCA.
To schedule an informal review, property owners should call the “Property Owners Hotline” at 937-225-5096.