April 25, 2024

2024 Assessment Value Changes Summary

First, a few frequently asked questions:

Why did different areas increase different amounts?
We look at sales within neighborhoods when we set values. Some neighborhoods will sell higher than others. For example, if I build two identical homes, one at the lake and one in Ardmore, the one at the lake will sell for more than the one in Ardmore.  The same can be true within a town. In Hot Springs a house by the school or Butler Park will sell for more than that same home if located by the waste treatment plant.

Land values continued to increase significantly in several areas of rural Fall River County as well as in the Town of Oelrichs.  Building values on the other had have slowed or leveled off in their increases in several areas.  The neighborhoods down Cascade Road, the Lower Town area of Hot Springs, and the area south of the school in Edgemont are all examples of areas that have taken significant increases for multiple years that leveled off this year.  Other areas of Hot Springs saw median increases that were in the single digits.

Land in Hot Springs and Edgemont remained fairly stable with most neighborhoods not increasing at all. Outside of the towns land up in the Hills increased the most with a median increase of 40%. This is followed by land along the east side of Angostura which saw a median increase of 28% (though some individual subdivisions were higher).  The greatest land increase was in the Town of Oelrichs where land doubled in value.

Why are percentages higher in the traditionally lower value areas of the county?
When you have a larger value it takes more increase to create that percentage change.  For example, if a $50,000 home increases $15,000 that is a 30% increase. A $250,000 home would need to increase $75,000 to see a 30% increase.

Why do we have to increase at all?
State law requires counties to value property based on its market value.  Property values must be between 85-100% of what they would sell for on the open market.

What is a median?
Median means the middle value.  Averages can be skewed by having one or two extremely large or small values, especially in a small group of data.  Median is more representative of what a ‘normal’ property will do.  However, it is important to note that median also means that half of the numbers are above that number while half are below.

 

Value increases for 2024

Edgemont

Last year the west side of Edgemont saw the smallest increase while the areas around the school (Campus) and in Cottonwood saw the largest increases.  This year that has reversed with west Edgemont seeing the larger increase and Campus and Cottonwood seeing the smaller.

Map of value increases for improved parcels for 2024 in Edgemont.

 

Hot Springs

Last year most neighborhoods saw median increases from 11% – 28%.  This year almost all neighborhoods saw median increases in the single digits.

Map of value increases for improved parcels for 2024 in Hot Springs.

 

Lake Area

Land on the north and east sides of Lake Angostura has continued to increase. Last year a per acre sale of $30,000-$35,000 was fairly common. This year a per acre selling price of $70,000 became the norm.

 

Agricultural Areas and Smaller Communities

Oelrichs saw land triple last year and double again this year.  Below is a comparison table of the value of a vacant lot in Oelrichs and in the older section of Edgemont. (Both lots are 7000 square feet).

Table showing land values for bare lot in Oelrichs compared to Edgemont.

Properties east of Lake Angostura and along Fall River Road saw the largest increases for improved properties.  Other areas saw increases in the single digits.Map of value increases for improved parcels for 2024 in rural Fall River County.

 

Land increase percentages were not as great as they have been in the past but this is partially because land values themselves are higher and therefore it takes a greater increase in dollars to create that percentage.  An increase from $10,000 to $30,000 is a 200% increase but an increase from $30,000 to $60,000 is only a 100% increase.

 

 

 

 

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