Local property value down $1 billion

More than 70 percent of residential properties in Montgomery County have lost value since they were last assessed in 2011, Montgomery County Auditor Karl Keith said this morning.

Residential property values are down 4.9 percent from the most recent update. Commercial properties have decreased 1.7 percent.

The aggregate value of property in Montgomery County is down 4 percent, or more than $1 billion.

The losses, though significant, were not unique.

Recently updated residential property values decreased 4.2 percent in Clark County, 3 percent in Greene County, 7.6 percent in Miami County and 2.2 percent in Summit County, Keith said.