County releases new property valuations, many see big increase
LINCOLN, Neb. (KOLN) - Checking your mail Tuesday may have brought you a new home valuation and many have noticed a pretty big jump in what Lancaster County thinks your property is worth.
People have from now until the end of the month to challenge any aspect of that valuation. From the actual pricing to details about the inside of your home.
“The last two years have been a larger jump because of the shortage of available properties to sell,” said Rob Ogden, the Lancaster County Assessor. “The limited number of people that are willing to put their house up for sale.”
Ogden said that on average people will be seeing increases, anywhere from 5% to 15%.
So for a $200,000 home, a 5% increase would mean $10,000 or if you see a 15% increase it would be $30,000 more.
“We’ll adjust every year for the properties that need to be adjusted based on what the market sales have been,” Ogden said.
The money collected from property taxes goes in a variety of different ways. A bulk, just shy of 61% goes to public schools, the city gets about 16% and the rest falls to the county and various other funds.
“Tied to how the overall economy is going, it’s tending to reflect where we’re at,” Ogden said. “But the real estate market is sometimes more dramatic.”
Ogden said over the past 27 years his office has gone from assessing 82,000 to 118,000 properties within city limits. That’s a growth of about 43% and Lincoln doesn’t seem to be slowing down.
Copyright 2021 KOLN. All rights reserved.