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Old 06-01-2009, 01:30 PM
 
313 posts, read 868,706 times
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Hey, housing values are dropping all over the city, but Roger Morrissey thinks that my house went up 6.5% in value
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Old 06-01-2009, 03:53 PM
 
Location: Papillion
2,589 posts, read 9,958,390 times
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In Douglas County you can't tie the valuation to what's going on in the market (you can in Sarpy County)

In Douglas County they do not revalue an individual every year. Generally a single specific property is revalued only every years. So when you get a new valuation that's a reflection of what happened from 5 years ago to now... so a 6.5% change from 5 years ago to now would not seem unreasonable.

Its that 5 year philosophy that Douglas County has that makes the large jumps the homeowners see.

In Sarpy County every property is revalued every year, so what you get from the Assessors is closer to what's going on in the market.

Sarpy Senators actually had a bill in legislature to try to equalize the practive and get Douglas to do it the way the rest of the state does... as a homeowner I'd hate to be under the Douglas model - being faced with a huge change every 5 yrs... would rather have the slight yearly modification based on what's happening in the market.
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Old 06-02-2009, 09:16 AM
 
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That doesn't jibe with my experience. I received a higher valuation last year and the Notice says that they reassess each year. Am I missing something?
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Old 06-02-2009, 01:58 PM
 
Location: Papillion
2,589 posts, read 9,958,390 times
Reputation: 904
Quote:
Originally Posted by altajoe View Post
That doesn't jibe with my experience. I received a higher valuation last year and the Notice says that they reassess each year. Am I missing something?
Yes and no.

Douglas County DOES revaluations every year, but only on a portion of the properties (about 20% on residential side) are affected... I think they spread that 20% around the city so try to hit each neighborhood.

Since they only do about 20% each year, it takes a 5 year cycle to do all properties. Once a property is done, its generally 5 years before its done again.

I just found the below excerpt from a March OWH article... probably explains it better:
Quote:
Do Douglas and Sarpy Counties reassess all properties annually?
No. The two counties handle valuation changes differently. Sarpy County places new valuations on most properties annually. As a result, changes tend to be gradual. Douglas County revalues only a portion of properties each year. The assessor elects not to revalue areas where overall valuations match up with sales prices. Under this method, individual valuations might remain unchanged for a few years before being adjusted.
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