Will you be able to afford to live in Montgomery County? Property taxes to increase in 2024

Hundreds of thousands of homeowners in Montgomery County will be paying 4 to 6 percent more in property taxes.

News Center 7′s Malik Patterson spent the day digging into the impact this will have on your wallet.

With property taxes increasing, not only will you pay more, but Montgomery County will be using it to spend more on ways that impact the community.

Kate Lucius, who lives in Oakwood, said, “I’m actually a renter right now but if I was a homeowner, I would not be happy about that.”

Even though Lucius is a renter, the property tax increase could impact her as well.

Greg Blatt, president of the Dayton Area Association of Realtors, said, “People think it doesn’t affect a renter, well – yes it does. Landlords pass that onto the tenant, and it becomes part of their rent.”

Overall property values have increased $8.5 billion in Montgomery County since last year, an average increase of 34 percent for each property in the county.

Montgomery County Auditor Karl Keith said, “The real estate market has been on fire the past several years. I don’t think that comes as no surprise.”

The county shows that most of the money will go to helping schools and other county services. But, according to Blatt, this increase in property value will create unaffordability.

“Should I wait, well the question is what are prices going to be next year? Am I going to be able to afford that or if you get into the market today,” he said.

Property owners will start to see the six percent tax increase by the beginning of next year.