Observations all along the line - Kimball & the Southern Panhandle First
Observations all along the line - Kimball & the Southern Panhandle First
Letters To Owners Show Mostly Higher Residential Values
The Kimball County Assessor’s office has been busy answering questions and explaining the changes in property valuations to local residents. On June 1, letters went out to property owners showing the changes in valuation. Most residential properties increased in value, while a few were reduced.
By statute, every six years, all property in the county must be re-evaluated and reviewed. Therefore, the increase in valuation is partially a result of going from the 2016 cost tables to the 2022 cost tables. Another factor that influenced the property values is the hot housing market in Kimball and the increase in prices.
The assessor’s office uses a cost approach and replacement costs, therefore following the market to determine valuations.
Property owners may be inclined to compare their property to their neighbors, but Assessor Sherry Winstrom urged caution when comparing properties. Finished basements, square footage, siding material, remodeled area, roof, heating/ac and the condition of the house all affect the valuation. And each place is different.
The valuation of property in Nebraska is a long and extensive process.
As of Jan. 1, values are set by assessors throughout the state; finalization is March 19, and the assessor must send the values set to the property assessment division. Then the Tax Equalization and Review Commission (TERC) looks at statewide equalization and determines which counties will have a show-cause hearing to ensure that they are following their statutory duties.
Finally, by June, the new valuations go out to the property owners. While there are 5,300 active parcels in Kimball County, 3,600 people received a new valuation.
While assessed values have increased on homes, the total value of assessed properties including agricultural, oil, commercial, industrial, and residential in Kimball County increased almost $54 million. Last year’s valuation was $538,691,700 and this year’s is $592,630,085.
When the budgets are set in September/October, the levy will determine whether taxes increase, decrease or stay the same.
Last year, Kimball County registered $5 million in growth, meaning new structures and new construction, while this year the new growth has tripled to $15 million.
Winstrom stresses that her office has the job of being fair and equitable in determining values.
She encourages people to “come in and visit with them to understand their values and how the process works.”