Your land value may be rising fast, which means more taxes
BOISE, Idaho (KBOI) - Ada County residents may see a huge jump in their property values now that assessments are out. Many may question if the appraisals are correct, but the Tax assessor said it's the land that's driving up the values.
Kathy Allumbaugh says she and her neighbors got their tax appraisals for their homes and everyone had a big increase in their property values, which means higher taxes. Allumbaugh said her property value went up $48,000, or about 160 percent. She said she called the tax assessors office and came out with more questions than answers.
"(The tax assessor) said the retail value of my home and the homes in the area justified the increase," Allumbaugh said." And I kept pointing to my tax assessment saying what they're showing me on my tax assessment only shows land increase. (It) says nothing at all about sales in my area or my property as far as improvements."
The Ada County Tax Assessor, Bob McQuade, says the increase is coming from land values. McQuade said that the value of land is shooting up fast, while homes may not change in value.
"We're seeing real large increases in land values again and this is really supported by what's going on in the market," McQuade said.
McQuade said that land values dropped when the housing bubble burst starting in 2005 and now we are seeing a correction.
McQuade said that his appraisers are pretty accurate in their property values. He said that with Allumbaugh and her neighbors, the appraisal may have been compared to a land sale in the area.