Property valuations on the rise for Lincoln & Lancaster County
LINCOLN, Neb. (KOLN) - Property owners across Lincoln and Lancaster County are receiving their 2023 valuations in the mail and many are flat-out stunned by the number they’re seeing.
It comes as the county assessor’s office took 2022 off from revaluing homes because of a hot housing market, and the dollar amounts are now skyrocketing.
The new valuations were sent out this past Friday, and experts said they can understand why people are concerned because it likely means paying higher property taxes. But it’s also a jump that officials told people to prepare for last year.
Over the past couple of years, the housing market has been hot, with prices that the new Lancaster County Assessor Dan Nolte said he’s never seen. What is different this year, is there hasn’t been a jump in property valuations since 2021.
“Homes have sold quickly and they’ve sold for higher prices,” Nolte said. “Maybe more than people were expecting and that’s reflected in the values.”
Lincoln realtors said they’ve been taking dozens of calls since this year’s higher valuations went out, but they aren’t shocked about the increase.
“In 2019 our average sale price was $189,000,” said Karalyn Hoefer, a realtor with KW Elite. “After the market soiree of the last couple of years, our average sales price is $254,000. Is it going to impact people’s taxes? Most definitely. To what extent, we don’t know.”
Nolte said these are just the preliminary valuations, things can still change and you can appeal.
Residential appraiser Brett Raasch said on Monday alone he received more than a dozen calls to reappraise homes in Lincoln.
“Your best course of action is comparing your house to what other houses have sold for because that determines what market value is,” Raasch said.
To figure that out, this year the county assessor’s office has implemented a map on its website to help people compare sale prices in their neighborhood.
If you think your home is valued too high, there is the option to meet with county appraisers by appointment. You can schedule that until February 1. Valuations will be finalized on March 25.
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