Real market values of homes and business properties in Linn County jumped 9.75 percent in the last year, with total property values topping $14.5 billion, according to chief appraiser Andy Stevens of the Assessor’s Office.
Stevens said the total county market value is up $1.3 billion, compared to last year’s $13.2 billion.
Stevens said assessed market values — upon which taxes are levied — are up an average of 4.37 percent, with Scio showing the largest increase among cities at 7.75 percent.
No individual city saw an assessed or real market value decline.
Tax bills go in the mail Friday.
This is the second year in a row that both assessed and real market values have shown steady upward movement, according to Stevens.
“It’s all based on supply and demand,” he said. “Realtors will tell you that homes are selling quickly and new homes are being built in nearly every community.”
Multi-family housing values are up 10 percent while commercial and industrial properties are up 4 percent, the same as last year.
Stevens added that values are based on January tallies, so it’s likely both assessed and real market numbers are up even more.
He also said the increases for some of the smaller communities are a bit skewed, in that they have a much smaller base to start with, so any new construction or the sale of an expensive home will have a greater effect on overall increase percentages.
Stevens has worked in the Assessor’s Office for 25 years and said that based on the number of building permits being processed by the Planning and Building Department, it’s highly likely next year will also see value increases county-wide.
He added that tax compression is decreasing as real market values increase.
That means taxing districts or government entities that function with tax levies will see more money in their budgets.
Stevens said there are nine assessors on staff and a trainee position is about to be filled.
Property tax statements are available online at http://www.co.linn.or.us/assessorshomep/assessor.htm.
Property owners who pay their tax bill in full by Nov. 15 will receive a 3 percent discount. They will receive a 2 percent discount with a two-thirds payment by May 15.
Payments may also be made in thirds, but there is no discount: on Nov. 15, Feb. 15 and May 15.