Monday, November 28, 2005

Assessed values in Northwest Allen County School District

The County Assessor's office has provided me with some information regarding assessed real estate values in The NACS School district from the last several years.

I am not yet ready to comment on them as I have to perform some more research.

I have added a column to see what has happened to the rate changed over the last few years.

I had to convert the data so that we are comparing "apples" to "apples."

The way that property values are assessed has been changed. In the 98/99, 99/00, and 00/01 school years the properties were assessed at 1/3 of market value. So to compensate for this I multiplied the assessed value x 3 and I divided the listed tax rate by 3.

The large jump in the 02/03 year is due to the Statewide Re-assessment.

So after converting the data we have:

Year Net Certified Assessed Value NWACS Tax Rate Actual change to rate

98/99 609,914,310 1.7672% Base year

99/00 656,707,890 1.9419% 9.9% increase

00/01 706,799,505 1.9334% .44% decrease

01/02 772,206,070 1.9861% 2.7% increase

02/03 1,327,467,230 1.2078% 64.4% decrease REASSESSMENT

03/04 1,405,832,860 1.4693% 17.8% increase

04/05 1,518,265,180 1.4726% 2.2% increase

05/06 1,617,393,440 Unknown, Mike is guessing 1.6788%

What this means is the net assessed value in The Northwest Allen County School district has increased by over 165% since the 98/99 school year.

3 comments:

Robert Enders said...

I bet homeowners wished that the resale value increased as quickly as the government says it does. The truth is that there is no objective way to determine the value of a property, with the possible exception of how much someone is willing to pay for that property. And market values can go up and down for reasons beyond a homeowners control. A new office complex with hundreds of new white collar jobs would increase the value of properties that aren't even on the market. This is why some people fight devopment, because they want their home values to stay low.

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