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tables were developed for cost-persquare-foot values for various types of construction. For example, a onestory wood frame house with 1,500 square feet has a $36.25 cost-persquare-foot value for reassessment purposes.
Values were also developed for other items such as decks, garages, etc.
The company assessors and the county Board of Assessors used the values in making the current assessment of county property. The Board of Assessors visited each house that has a tax card on file in the office of the Commissioner of Revenue to verify the work of the professional assessor.
Preliminary results indicate that the new assessed values are in line with the fair market values, or selling price, for properties that have been sold between 1989 and 1991.
Some typical land sales provide an insight into how much property has sold for above its 1988 assessed value and its associated percent increase (see chart of real estate sales).
The assessors and the county Board of Assessors recognize and understand that people will be disturbed about the large increases in property and land values. However, as the above tabulation illustrates, market forces caused these increases and some people have profited from selling property.
While we concede the volume of sales has not been as vigorous as it was several years ago, we do not see a drastic reduction of advertised selling prices.
The Board of Assessors hearings will start Oct. 9 and we welcome questions about the new assessment and its effect on individual property taxes. Bear in mind that the new assessments will not necessarily cause an increase in individual property taxes.
The tax rate for 1992, which is
97.6%