2010 Property Assessment Notices to be Mailed Monday
Posted on 05-21-2010
FOR IMMEDIATE RELEASE
May 21, 2010 |
Contact: Jessica Donald
Communications Specialist
208-287-6998
jdonald@adaweb.net |
2010 Property Assessment Notices to be Mailed Monday
Property Values in Ada County Continue to Reflect Declining Market
(Boise, ID) – The Ada County Assessor’s Office will mail out 2010 property assessment notices beginning Monday, May 24th. Officials say 2010 was another difficult year in the real estate market, with over-supply and increased short sales and foreclosures resulting in decreased property values virtually countywide.
The 2010 assessment notices again show most home values in Ada County dropping anywhere from 2 percent to 20 percent. The median assessed home value is down 14.29 percent from last year, and is currently at $159,800. More established neighborhoods which experienced little new growth or construction are still seeing lower declines in value. Values have dropped more on properties that are closer to new development or construction areas.
By state law, assessment notices must reflect property values AS OF January 1st of each year. Accordingly, the 2010 property assessment notices reflect the housing market for just the period between January 1, 2009 through December 31, 2009. The continual decline in value since January 1, 2010 will be reflected in property owners’ 2011 assessment notices.
“2010 assessment notices reflect that we are experiencing the second consecutive year of declines in assessed values,” said Ada County Assessor Bob McQuade. “We are hoping to see that stabilize by next year, because these declines are really hard on people. Unfortunately the market is what sets property values.” According to the Idaho State Tax Commission’s 2009 Ratio Study, Ada County assessments are at 97.5% of market value.
Property owners will also notice that their assessment notices have a new look this year! To help home owners track the changing real estate market, a new bar graph has been added showing the historical assessed value of their property.
Anyone with questions about their property’s assessed value or the property tax process should visit the Ada County Assessor’s Web site at www.adacountyassessor.org. Residents who disagree with their assessed value as of January 1, 2010 can call the phone number listed on their assessment notice to speak directly with the appraiser who appraised their property. If, after discussing their valuation with the appraiser, they still feel assessments are above market value as of January 1, 2010, property owners can appeal their assessment to the Ada County Board of Equalization. Click here for more information or visit www.adaweb.net and click on the Commissioners page to learn more about the appeals process.