Latest news with #Assessor'sOffice
Yahoo
07-06-2025
- Business
- Yahoo
Property assessments are out. Here's how much home values went up in your area
Property values have increased again in Ada County, but not as fast as in previous years. In 2024, the median home value in Ada County increased by 5.3%, according to the Ada County Assessor's Office. That's just a smidgen more than the 5.03% increase in 2023, according to Chief Deputy Assessor Brad Smith. 'It's encouraging to see a more stable market after the erratic valuation swings of the past,' Smith said in an email. The latest annual property assessments have been mailed to homeowners. The assessed value is what the office believes each property could have sold for in the real estate market. The new median assessed value in Ada County is $480,000, up from about $455,000 last year. Home values have certainly been erratic. Residential assessments skyrocketed in the early 2020s, when for multiple years the median assessed value for Ada County homes jumped by close to 30%. Then in 2023, most residents saw their assessments decrease. Homeowners have until the fourth Monday in June to appeal their homes' assessed value. So far, after a historically low year in 2024, appeals and phone calls are up, according to the office. Some homeowners may not see much change in their new assessments. Star has the lowest median assessed value jump in Ada County, an increase of 1.6%. Values jumped by over 7% in the 2024 assessments. On the other hand, North Boise took the top spot this year with a 7% median increase. Northeast Boise followed close behind at 6.6%. That brings North Boise up to a median $668,000 and Northeast Boise to a whopping $729,000. Times have changed in the last decade. In 2015, Northeast Boise homes were valued at less than half of that, right around $300,000. Northeast Boise is not the highest-priced neighborhood in the county though. That distinction belongs to Eagle, at $803, two lowest-valued neighborhoods are Garden City and West Boise, which both come in at under $398,000. Commercial property values increased 1.3% this year, down from last year's growth of around 2.7%. Property values and property taxes are not the same thing, the Assessor's Office stresses. Just because home values go up, residents don't automatically pay more in taxes. Tax increases also depend on how much money is needed to pay for local-government budgets. Local governments are working now to develop their budgets for the fiscal year that begins Oct. 1. Only then are levy rates set and actual taxes on your home determined. Idahoans will receive property tax bills in November Payments are due in December. Assessments are public record, and homeowners can look them up at Ada property assessments are out. See how homes in your neighborhood are affected See where Canyon County homeowners' property values rose fastest in the new assessments
Yahoo
07-06-2025
- Business
- Yahoo
Confused by latest order? How to calculate if your Jackson County assessment is within limits
KANSAS CITY, Mo. — Jackson County assessments are showing up in homeowner's mailboxes. Some people may be surprised at the increase after a May order from the State Tax Commission. Some taxpayers may receive tax refunds in June: When payments could arrive That order capped increases in each assessment period at 15% and set 2022 as a starting point for this year's assessments after 2023 assessments were heavily contested. But determining your maximum 2025 assessment is a little bit more complicated than a single multiplication or division. Legislator Sean Smith and Preston Smith (no relation) have been helping homeowners with appeals since assessments skyrocketed in 2023. This week as they went out again they've been getting questions about what the latest State Tax Commission Order and 15% cap really means. 'People look at it and the first thing they see is, I thought it was only going to be a 15% increase and that was the perception. I've probably answered it online 100 times,' Preston Smith said. 'A lot of people are contacting me thinking they only do the 15 percent once, but you have to do it twice,' Legislator Sean Smith explained. To illustrate how it works with the latest rules using 2022 assessments as the starting point, consider a home with a $100,000 assessed value in 2022. To calculate the maximum assessed value in 2023 multiply $100,000 by 1.15 which is $115,000. But then you have to multiply by 115% again to determine the maximum value a home could be assessed at this year. In this example it would be $132,250. The two 15% increases end up yielding a maximum increase of 32.25% during the two assessment periods. 'I would really urge people to do the math themselves to check it, check and really verify,' Preston Smith said. To do that, however, you have to know your home's 2022 assessed value, which according to those who have received this year's assessments, isn't on this year's notices. You can find that historical information online at the Jackson County Parcel Viewer or Ascend Web. If your increase ends up beyond the allowances under the State order or if you simply don't agree with your value, you still can appeal. Appeals have to be filed by July 14. Download WDAF+ for Roku, Fire TV, Apple TV As for seniors, 40,000 are already enrolled in a new tax credit program freezing tax bills. The county says estimated savings are included on notices, but are subject to change. Both Sean and Preston Smith say they are pressing the Assessor's Office for complete assessment data in 2022, 2023 and 2025 to see how much home values increased, and how many of those increases equated to the maximum allowed if no new construction was done under the State Tax Commission Order without a physical inspection. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-05-2025
- Business
- Yahoo
Los Angeles wildfire victims may be missing relief money, County Assessor says
The Los Angeles County Assessor's Office is warning wildfire victims that they may be missing out on important tax relief or refund checks due to invalid addresses. Officials said Tuesday that while many property owners have already received lower property tax bills or even partial refunds through state disaster relief programs, hundreds of those checks and notices are now being returned to the county because the listed mailing addresses are no longer valid. 'In numerous cases, the original property—and with it, the recorded mailing address—was destroyed in the wildfires,' the assessor's office said. 'Getting relief into the hands of wildfire victims is a top priority for our Office,' said County Assessor Jeff Prang. 'But we need their help in updating contact information so that relief can reach them without delay.' After the fires, the Assessor's Office says it took a proactive approach in reviewing damage across all areas included in the official disaster declarations. All properties, even those in which the owner didn't file paperwork, have received lower property values if any damage was found. That decrease in property value results in a lower tax bill for homeowners and, in many cases, tax refunds. Homeowners whose properties were affected may have already received a Notice of Assessed Value Change, which is a letter that explains how much their property's taxable value has been temporarily reduced due to damage. This can significantly reduce their property tax bills until the home is repaired or rebuilt, officials said. But to get refund checks or future notices without delay, homeowners must make sure their current mailing address is on file with the county. Pacific Coast Highway reopens early following Palisades Fire closure The Assessor's Office stresses that a change in address does not change the location of the property, but simply ensures that important documents and refunds are delivered to where the owner can actually receive them. 'We understand how devastating these fires have been, and we are committed to making sure impacted property owners receive the support they're entitled to,' Prang said. Los Angeles County homeowners can update their mailing address by visiting the County Assessor's website. For more details about wildfire-related tax relief, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS News
13-05-2025
- Business
- CBS News
Cook County property tax bills delayed after data error, officials say
Your Cook County property tax bill could be delayed after a data error at the Cook County Assessor's Office is holding up a key step in the process. Assessor Fritz Kaegi blamed Tyler Technologies, the contractor in charge of updating the data systems across the county's property tax offices for the issue. "The Cook County Assessor's Office does not determine when tax bills go out. For the past six months, the Assessor's Office has been sounding the alarm on this issue with all the people involved in the transition off of the legacy mainframe," Kaegi's office said in a statement. "It is not an easy process to retire this antiquated system, and it is imperative that all of the data transferred to the new system is correct. We have made repeated requests from the vendor, Tyler Technologies, to change these specific IDOR reports to ensure that they are wholly accurate." But Cook County Board President Toni Preckwinkle said the problem originated during the assessor's portion of the process, in which "data was not transmitted to the state in a timely manner." Preckwinkle's statement continued to say that her office is now in communication with the Assessor's Office as they work through the delay. "With this issue now on the radar of the Property Tax Reform Group, we can collaborate to help ensure that tax bills go out as soon as possible," Preckwinkle wrote. It was not immediately clear how delayed property tax bills would be in reaching homeowners.
CBS News
05-05-2025
- Business
- CBS News
Nearly $2 billion in Cook County property taxes shifted from businesses to low-income homeowners, study finds
A study from the Cook County Treasurer's Office found nearly $2 billion in property taxes shifted from county businesses to the lowest income homeowners over just three years. The study found property tax assessment appeals submitted by businesses in Cook County caused their collective tax bill to drop by $3.3 billion, while residential tax bills went up $1.9 billion. The study also found the additional tax burden on homeowners fell mainly on low-income Black and Latin homeowners who make less than $50,000 a year, who contested their assessed values at a much lower rate than wealthier white homeowners. Cook County Treasurer Maria Pappas said she has found that most homeowners are overwhelmed by the daily tasks in their lives and so taking actions like appealing your property assessment or taxes are simply not on their radar. Pappas' office said the study suggests current efforts by the Assessor's Office and the Board of Review to standardize their methodology and share date could lead to fewer and smaller small business assessment reductions which could, in turn, reduce the shifts in the tax burden onto low-income homeowners. Her office also suggests outreach to low-income homeowners so they have the knowledge and tools to appeal their assessments.
