(Bannock County Assessor’s Office, March 1, 2023)
A common question we get when appraising homes in our county is; “If the market is slowing down now (2023), then why aren’t our values following it?”
This is a good question. The Assessor’s office is required by state code to use the previous year’s sales to assess the market in our area. This means we use sales from Jan 1, 2022, to Jan 1, 2023, to analyze the market and determine values for this upcoming assessment year (2023).
In an effort to be more transparent, here are a few insights into what we saw in our real estate market in 2022.
- We have seen the market slow down in 2022 compared to 2021, though we have not yet seen a decline in the overall market.
- The average sale of a home in 2022 has increased from 2021, showing us that there is still growth occurring in the market.
- We have gathered over 1,500 sales throughout the county that will be used in our market analysis. We have not seen as many sales of existing homes as in 2021.
- We have double the number of building permits in 2022 compared to what we saw in 2021. This shows us the new growth we have been experiencing in the county over the last few years.
- The number of sales for manufactured homes has more than doubled over the last three years, which may increase the values of manufactured homes for 2023.
These changes in the market often come as a shock to many homeowners and prospective homeowners. We are happy to discuss any questions or concerns regarding your property in person or over the phone any time of the year.
If, after working with us, you feel that your value is still inequitable, you are welcome to appeal your value to the Board of Equalization in June after receiving your notice. Assessment notices are required to be in the mail by the first Monday in June by Idaho Code. Appeals need to be filed by the fourth Monday in June. Visit bannockcounty.us/property-tax-hub for more information.