(Bannock County Assessor’s Office Press Release, June 4, 2023)
It is hard to believe June is already here! We are busy preparing for Assessment Notices to go out in the mail. The printing vendor still has the completed files, and they plan to mail them by Monday, June 5th, 2023, so start watching for them in the mail. You are welcome to call our office if you don’t want to wait to see what your value is.
By preparing for Assessment Notices, I mean that we start getting our processes, phone logs, and email logs ready so we can stay organized and give great customer service. We also go over ways to explain our assessments and to work with customers as they come in.
We are also still waiting for news on the Property Tax Reduction Program, but the data has not been sent to us yet, because of the new changes to the program. Last year, 36 individuals were not eligible for the tax relief because of the value of their home. To qualify, the property value must be within 150% of the county’s median home value. Our median last year + the 150% came out to be $433,983. Anyone who applied for the PTR Program whose property was above that value did not qualify for the tax exemption. This year the legislature changed that limit (House Bill 292) to be within the county’s median value of the county + 200%. So, we anticipate that either no one will be taken off the program or very few people. When we get the median and PTR Data from the State, we will share that information as soon as we can.
We have seen the market settle down some. We are not seeing the major increases in residential property values that we did in the last two years. Manufactured home values have increased, as well as some rural land values. This is due to the increase in sales. We are seeing increased values in commercial properties; however, we still are not quite finished with the conversion process. We expect that to be complete for 2024. Agriculture property values either stayed the same or went down depending on the category it was in. (ex: dry graze, irrigated, etc.).
To help you prepare for the arrival of your Assessment Notice, we have included in the newsletter this month a copy of an assessment notice that explains some of the information in the notice to make it easier to understand.
As always, please call or come into our office any time Monday through Friday, 8:00 a.m. to 5:00 p.m., to let us help you with any concerns or questions. 208-236-7260 or 208-236-7498 (this number is only available during the month of June).
Have a great summer!!!!
