City of Dayton to reduce city property tax rate 15%, largest drop in more than 25 years

The City of Dayton City Council conducted a first reading of an ordinance Tuesday night reducing the city’s property tax rate by 15% – the biggest drop in the city’s tax rate in more than 25 years.

The ordinance will reduce the property tax it charges from last year’s tax rate of $0.476 to $0.399 per $100 of property valuation.

That means the tax bill on a $100,000 house in Dayton will be reduced by $77 a year — from $476 to $399.

It’s the first time the city’s tax rate has been gone below 40 cents per $100 of property valuation since 2009.

City Council will hold a second and final vote on the tax-rate ordinance at its September meeting.

“We are seeing a 15-percent drop in our city’s property tax rate this year because we had a 30 percent increase in the total assessed value of real estate in the city over the previous year,” Mayor Ben Baker said.

“This remarkable tax rate reduction is the result of three things occurring simultaneously in the City of Dayton. One is the amount of new development occurring in the city over the past couple of years; a second factor is the number of existing properties purchased, rehabbed, and resold at substantially higher prices than they were previously assessed at; and the thirdly, it is the reassessment of real estate in the city last year by the Campbell County Property Valuation Assessment Office.”

City of Dayton

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