Assessed and real market property values increased significantly in both Linn and Benton counties in the last year.
Linn County Assessor Andy Stevens said the real market value of Linn County properties is about $16.1 billion, up about 11.5 percent from $14.5 billion in 2017. The assessed value, the figure upon which taxes are based, is about $10.2 billion. Linn tax statements will go in the mail on Friday.
Benton County Assessor Tami Tracy said real market values increased an average of 7.8 percent, going from about $14.4 billion in 2017 to about $15.6 billion in 2018. Benton tax statements went out Monday.
“I can’t say we were surprised,” Stevens said. “People have to remember, though, that valuations are based on a January 1, 2018, time frame and the tax year is from July 1 to June 30.”
Stevens said the average assessed value — which is what individual property taxes are based upon — increased a shade under 4 percent.
“All you have to do is look around at the number of existing and new homes selling, or look at the local Multiple Listing Service to see that property sales are hot,” he said.
But it isn’t just homes that saw increased values, Stevens added. Agricultural property values increased 9 percent, commercial real estate values are up 5 percent and multifamily housing is up 6 percent.
“Property sales may shift a bit this year if interest rates continue to increase,” he noted.
For local option taxing districts — such as the Linn County Sheriff’s Office levy — the increase in real market values compared to assessed values means compression will decrease, Stevens said.
In Linn County, Millersburg saw a 10.1 percent increase in assessed values, followed (in terms of percentages) by Scio, 5.9 percent; Gates and Lebanon, 5.3 percent; and Brownsville, 5.2 percent.
Albany saw its real market value climb to more than $4.5 billion and its assessed values hit $3.34 billion.
Lebanon also had a strong uptick in total values. Real market value is $1.695 billion and assessed value is $1.21 billion.
Millersburg’s real market value is about $630.3 million and its assessed value is about $516.6 million.
Taxable value increases by city are: Albany, 3.7 percent; Brownsville, 5.2 percent; Gates, 5.3 percent; Halsey, 4.9 percent; Harrisburg, 3.4 percent; Lebanon, 5.3 percent; Lyons, 4.6 percent; Mill City, 3.5 percent; Millersburg, 10.1 percent; Scio, 5.9 percent; Sodaville, 4.6 percent; and Sweet Home, 2.1 percent.
In Benton County, Philomath saw an assessed property value increase of 5.5 percent, from about $336.2 million in 2017 to $354.5 million in 2018. Corvallis saw a 5 percent increase, from about $4.9 billion in 2017 to $5.2 billion in 2018. Other areas with increases included North Albany, up 4.9 percent; Monroe, up 2.2 percent; and Adair Village, up 3.6 percent.
“Real market values continue to rise. This past year we processed nearly twice as many subdivision and partition plats over last year, and the highest amount since 2007,” Tracy said. “This shows that there is significant development taking place in the county. A low inventory of housing and a robust economy continues to drive the prices up in the market.”
Tracy added that the increase in taxable value over the statutory 3 percent is “driven by new construction in the residential market; the completion of the Courtyard by Marriott downtown, along with some increases to our larger industrial business in Corvallis. There are several multifamily units being built in Philomath, Corvallis and North Albany that will be added to the tax roll over the next couple of years.”