New assessments arrive in the mail; expect an increase
COUNTY – Shelby County property owners should have received in the mail last week notification of property assessment changes, Shelby County Assessor Tony Buman said.
On average, the county as a whole is seeing a five percent assessment increase, with much of Harlan receiving around a 10 percent increase on residential properties.
“Based on sales, the county median for residential properties indicates the county as a whole is a little over five percent undervalued,” Buman said. “Most of the residential properties in the county will be receiving a five percent increase. Much of Harlan will be receiving around a 10 percent increase as sales indicate assessments were 10 percent too low in these areas.”
Towns not seeing assessment changes for residential as sales do not indicate their values have increased include Irwin, Defiance, Earling, Westphalia and Portsmouth.
Buman said ag values are down roughly 25 percent, and ag dwellings will still be receiving an approximate five percent increase. Commercial/industrial values are not changing.
Residential assessments are based on market value. The price other properties have sold for in the last year is the driving factor behind the increases.
Buman said if a property owner has a question or feels their value is incorrect, they are encouraged to contact the assessor’s office at 712-755-5718, option #5. Through April 25, the informal review process allows the assessor to make a change to the value if the owner and assessor agree.
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