From the Johnson County Daily Journal:
Next year, expect to see the county list a new value for your home when you get your tax bill.
The county has recently finished a reassessment, an update to property values required by the state about once every five to 10 years.
And this time, most property values changed, which is how a reassessment should work, Assessor Mark Alexander said. The value of your property is one of the main factors used to determine how much your property tax bill will be.
A reassessment updates property values based on how much it would cost to replace and rebuild the home or building, the quality of construction and the age, and then compares that amount to similar sales for market value.
The state sets the replacement cost, which for most properties and features increased less than 10 percent, though other features, such as a basement or brick exterior increased more. The county calculates the other factors, such as quality of work and age, Alexander said.
For Johnson County properties, the reassessment resulted in changed values, but not a huge increase in value. For example, the total value of all homes in the county increased less than 1 percent from last year to this year. The county updated the values of all properties, including homes, farmland and businesses.
About half of the properties increased in value and about half decreased from the value on this year’s tax bills to the new value with the reassessment. The exception was with farmland, where about 78 percent of properties increased in value due to the state increasing the per-acre value of farmland each year.
For homeowners, 49 percent will see the value of their home and land increase, and 46 percent will see it decrease.
http://www.dailyjournal.net/view/local_story/Changes-expected-in-area-prope_1345258975/
