Bonneville County’s preliminary assessed property values for the 2019 fiscal year are up 14.5 percent from the current values.
Assessment notices went out last week. Property owners have until 5 p.m. on June 24 to appeal their assessments, and the county Board of Equalization will be going through appeals through July 8, so the exact figure likely will change, dropping if people appeal their assessments successfully or, conversely possibly going up depending on changes in people’s homeowner exemptions. However, the county’s preliminary assessed value is $7,815,791,800, Assessor Blake Mueller said Tuesday.
Last year’s overall valuation in Bonneville County ended up at $6,959,267,116, an 8.3 percent jump from 2017’s $6,426,725,150.
“It’s a lot,” Mueller said of this year’s potential increase. “I think that’s pretty much (similar to) the state here, from most of who I’ve talked to.”
The Treasure Valley, at least, is seeing similar increases in property values, and the increase in the median residential value in Ada County is the highest in at least 12 years, the Idaho Statesman reported in May. Before appeals and equalization, the average residential property value in Ada County is up 16.4 percent for the next fiscal year, while the average property in the city of Nampa is up 15 percent, and in the city of Caldwell, it’s up 17 percent.
George Brown, property tax division administrator for the state Tax Commission, said the preliminary increase here is comparable to the rest of the state, and a bit lower than what he has heard in some areas.
“That’s right in the area,” he said of Bonneville’s increase. “Bonneville’s a pretty good part of the state for that, I guess. You’ve got a good, thriving economy, so it’s not uncommon to see that in these kinds of situations.”
Brown said this year’s increase in values is a bit low compared to how much property values were increasing in the early 2000s. This stopped after the economy crashed, and since the economy recovered “it’s been building at a relatively stable rate year to year.”
Brown said economic growth means property values will go up, and demand for housing means houses sell fast and low vacancy rates.
“In general, the demand for housing (is high), and Idaho’s rapidly growing in population, and of course a lot of that’s driven by states where people are coming in with money to spend,” he said. “And you’ve seen a pretty good increase in the economy too.”
Mueller said high demand for housing is likely a factor and has driven up prices both locally and nationally. Also, he said, land values and land sales seem to be up.
“Most everything appears to have a strong demand or higher values,” he said.
Whether increased property values result in a higher overall tax bill for any individual property owner will depend on the interplay of their assessments and the budgets and tax rates set by the county and whatever city, school district and other taxing districts their property lies in. That process will play out over the course of the summer, with cities and the county generally setting their final budgets in August.