Assessment Notices were mailed this weekend (Feb 28th-Mar 1st). The following is a list of information you should know about your assessment.
First, what is an assessment value? The assessment value is supposed to represent the value you could sell the property for on a fair and open market. (This means the property is properly advertised and is offered for sale to anyone who would wish to buy.) There is a range of 85% – 100% of market value that is considered ideal by the state.
There are three major factors that affect assessment values for structures; replacement cost, age & condition, and selling price of neighboring/similar properties. This last factor causes the most change to assessment values as the real estate market goes up and down sometimes it is possible to buy a house for less than it would cost to build and sometimes it is the opposite.
***IMPORTANT*** Do not compare your assessment value to the value on your tax bill. These are apples and oranges. The value on your tax notice is only a percentage of your assessment value. How much of a percentage changes each year by direction of the state. For example if the state factor was 85% a $100,000 assessed home would only show a taxable value of $85,000 on its tax bill. It often happens that people whose values did not change at all will compare the value on their tax bill with that on their assessment notice and believe they have increased 10% or more.
Reassessment Area – Hot Springs Rural School District
If you were in the reassessment area for this year you have already received a preliminary notice regarding your value. The preliminary notice can be thought of as a rough draft of your values. Sending out a rough draft gives people time to approach the assessors with concern and also to notice where mistakes may have been made. This allows us to make corrections before the official notices are sent.
We encourage you to compare your official notice to the preliminary notice you were sent in February as values may have changed.
If you are in disagreement regarding your values you can appeal. See the section on appealing your value below.
Hot Springs City
Hot Springs was reassessed last year. Reassessment is a process of checking the data collected on a structure (living area, year built, condition, etc) and ensuring that similar homes are being assessed, and thereby taxed, in a similar manner. Reassessment affects properties on an individual bases.
On years that an area is not reassessed value changes are due to sales analysis. These changes are made by neighborhood. For example if there are seven sales in a neighborhood and five of those sales had selling prices that were 10% higher than their assessed value then the neighborhood will see an increase of approximately 10%. If sales show that properties are selling at less than their assessed value then that neighborhood will see values decrease.
Sales analysis is done every year to keep property values in line with market. (Why is it important to be at market?)
If you are in disagreement regarding your values you can appeal. See the section on appealing your value below.
Edgemont & Oelrichs School Districts
There were no changes made to structure values in these areas other than the addition or removal of structures as found during regular field work. Non-Agricultural land did not change. Ag Land increased according to the increase in the state’s top dollar.
Appealing Your Value
The process for this involves filing an appeal form with the Director of Equalization at the Fall River County Courthouse; you may do this in person or by mail. (Forms also available online.)
An assessor will review your appeal; at this point one of two things may happen:
- If the assessor agrees with you that an adjustment is needed and you can reach a compromise regarding the value a stipulation form will be filed. The stipulation must be approved by the Board of Equalization when they meet for appeals. Most stipulations do not require that the landowner be present.
- If an agreement cannot be reached between the landowner and assessor then the landowner will need to appear before the Board of Equalization, this can be done in person or via a phone conference. The board will hear both the landowner and assessor explain what they believe the value should be and why. The board will then decided between the two cases. Those unhappy with the board’s decision have the right to appeal to a higher court, click here for more information.
Deadlines:
- Oelrichs City, Argentine Township, Provo Township – March 12th
- Everyone not listed above – April 7th
