Allen County residents can expect to see a potential 10-25 percent increase in property valuations this year, according to Allen County Appraiser Jami Clark. “That doesn’t mean every single property,” Clark clarified to county commissioners Tuesday morning. “We might come across a property that we think can hold its current valuation.” The appraiser’s office will send valuations out April 1. Clark noted that properties sometimes get undervalued or overvalued. “It goes both ways,” she said. “It is not as often to be overvalued.” Giving an example, she noted that one house valued at $263,000 recently sold for $260,000. “So, we were within 10%, but we were $3,000 over,” she said. In contrast, a house was valued at $11,000 that sold for $36,000. Another was valued at $148,800 that sold for $205,000. “These undervalued houses are why the valuations are increasing 10 to 25 percent,” noted Commissioner Bruce Symes. Clark agreed. “We look at what’s happened in the last year and determine what we consider the interest to be on how much difference there is from our valuations to what they actually sold for,” Clark explained. “Most likely, we’ve undervalued rather than overvalued.” From valuation to sale price, the state gives the county a leeway of 10 percent. “People say we’re just ‘assuming’ when we make the valuations,” said Clark. “That’s all we can do. Assume what’s going on with the dwelling. By seeing a new roof and windows, we assume they’ve remodeled the house. So, we say that it’s been remodeled.” Clark added she encourages people who are thinking about signing up for the Neighborhood Revitalization Program (NRP) to visit with her to clear up any confusion on how it works. The program offers a tax rebate to property owners who make improvements, such as new structures or remodeling efforts, to their properties. The rebate is equal to the amount their property taxes increase because of the improvements.
Source: The Iola Register
