Ada County home values increased almost 15 percent last year

New construction nearly triples in two years. Canyon County rise is even higher.

cmsewell@idahostatesman.comJune 3, 2014 

  • 2014 PROPERTY VALUE

    1. North Boise

    $227,000 +11.46%

    2. Northeast Boise

    $291,300 +10.8%

    3. Southeast Boise

    $175,700 +12.27%

    4. Boise Bench

    $132,000 +16.52%

    5. South Boise

    $184,100 +16.21%

    6. Southwest Boise

    $180,800 +12.87

    7. West Boise/Garden City

    $141,350 +17.51%

    8. West Boise

    $167,700 +15.23%

    9. Garden City

    $120,700 +18.88%

    10. Northwest Boise

    $173,100 +14.98%

    11. Eagle

    $313,400 +13.19%

    12. Star

    $190,500 +16.84%

    13. Southeast Meridian

    $228,600 +12.87%

    14. Southwest Meridian

    $196,300+12.45%

    15. Northeast Meridian

    $183,800 +11.05%

    16. Northwest Meridian

    $178,800 +15.37%

    17. Kuna

    $145,100 +18.91

  • Homeowner Exemption Up Slightly

    One factor that affects a home's tax bill is its taxable value - which is lessened by the amount of the Idaho homeowner exemption.

    The Legislature passed the exemption to provide Idahoans with a little relief from property taxes on their primary residences. In 2006, the Legislature voted to let the exemption amount fluctuate based on the housing market, indexing the amount to the federal housing price index. It rose last year after falling for four years:

    2014: $83,920

    2013: $81,000

    2012: $83,974

    2011: $92,040

    2010: $101,153

    2009: $104,471

    2008: $100,938

    2007: $89,325

    2006: $75,000

    1983-2005: $50,000

    1980-1982: $10,000

So the real estate recession is over?

It's been over. This is the second consecutive year residential property values were up in every assessment area of Ada County. The increases ranged from about 10.8 percent in Northeast Boise to 18.9 percent in Kuna.

Are values as high as before the recession?

No. The median assessed value of a home in Ada County peaked in 2008 at $211,600. By 2012 that number had plummeted to $137,900. This year the median value is $177,500, a 28.7 percent increase over 2012. That brings us to nearly the same values as 2006.

What does this tell us about real estate and construction activity?

The total value of new residential and commercial construction in 2012 was $263 million. That amount skyrocketed 193 percent to $771.5 million last year. Nearly half of last year's new construction - $363.6 million - took place in Meridian. Boise recorded $163.8 million.

Great. I guess this means my property taxes are going up, right?

Not necessarily. The property assessments mailed in recent days are for values as of Jan. 1, 2013. The new values are those on which 2014 property taxes will be calculated, although tax bills don't go out until later this year after each of the county's 42 taxing districts set their levies in October. And there's no law that says they have to go up; if all values are up, tax increases possibly could be spread over a broader base.

What happened to Canyon County values?

Residential assessed values are up across the county. Overall residential value increased 37 percent in Caldwell, 33 percent in Nampa and 21 percent in rural areas.

How are these values calculated?

All county assessors are required by state law to assess the value of all taxable property every year. In Ada and Canyon counties, physical inspections are conducted every five years. In other years, the assessor determines values by analyzing construction costs and reviewing recent sales data gathered from the Multiple Listing Service, property owners, agents, builders, developers and independent appraisers.

What if I disagree with my assessment?

If you think it's higher than your property would probably sell for on the open market, you can appeal. The appeal addresses the market value of your property, not property taxes.

Appeal forms are available at adacounty.id.gov, at the Ada County Assessor's Office, 190 East Front Street, Suite 107, or from the Ada County Commissioners' Office, 200 W. Front St., 3rd Floor. Property value assessment appeals must be filed by 5 p.m. June 23. For information, call the assessor's office at 287-7200.

Cynthia Sewell: 377-6428, Twitter: @CynthiaSewell

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