If you live in Lancaster County (Nebraska) you should be on the lookout for a yellow postcard coming in the mail. The news is: house values are going up. The county assessor is required by law to keep residential and commercial properties assessed between 92 percent to 100 percent of market value. And thanks to sales prices having increased so much in the past year, the county assessor moved up their regularly scheduled re-assessments a year early.
I did a quick study of 15 homes (including mine). These were properties that I helped people buy or sell this past year. They ranged in price from $77,000 – $331,000. Of those 15, all but one increased in value. The highest increase was 18 percent. The average increase was 9 percent. Based on the current tax rate, my monthly real estate tax bill will increase by $48 (from about $400 to about $448).
If you want more information, go to: lancaster.ne.gov (keyword/search: assessorvalue).
You do have an opportunity to appeal your new value, but you need to request a hearing time no later than Feb. 1, 2017. To schedule an informal hearing date and time, go to lancaster.ne.gov and click on “appeal” or call 402-441-7463.
You may also call your real estate agent for more information or to help you prepare a market analysis.