Ada County residential property values increased for the third consecutive year, although this year’s overall increase — 6.8 percent — is not nearly as steep as last year’s 15.25 percent increase, according to the Ada County Assessor’s Office.
In Ada County, the median assessed value of a home peaked in 2008 at $211,600; by 2012 that number had plummeted to $137,900. This year that number has climbed to $189,700, a 38 percent increase over 2012 but still shy of the 2008 peak value.
Residential property values went up in every area surveyed in Ada County. The increase ranged from 2.45 percent in southeast Meridian to 13.17 percent in Garden City.
Even bigger news is the increase in new construction.
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The total value of new residential and commercial construction in 2011 was a dismal $278.1 million. Preliminary calculations peg last year’s number at $904.4 million, a nearly four-fold increase. The bulk of last year’s new construction — $315 million—- took place in Meridian. Boise recorded $286 million, according to the assessor.
Property assessments mailed in recent days are for values as of Jan. 1, 2015. The new values are those on which 2015 property taxes will be calculated, although tax bills don’t go out until later this year after each of the county’s 40-plus taxing districts set their levies in October.
But increased property values do not necessarily mean an increase in property taxes. The homeowner’s exemption increased $5,660 this year to $89,580, which could help offset some of the increase in value for owner-occupied homes. Additionally, since values are up, tax collections possibly could be spread over a broader base.
WANT TO APPEAL YOUR ASSESSMENT?
All county assessors are required by state law to assess the value of all taxable property every year. In Ada County, 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, Realtors, builders, developers and independent appraisers.
If you think your assessed value is higher than what your property would probably sell for on the open market, you may appeal. The appeal addresses the market value of your property, not property taxes.
Appeal forms are available online, at the Ada County Assessor’s Office, 190 W. Front St., Suite 107, or from the Ada County Commission’s Office, 200 W. Front St., 3rd Floor. Property value assessment appeals must be filed by 5 p.m. June 22. For information, call the assessor’s office at 287-7200.