SCOTTSBLUFF, Neb. (KNEP) - Property owners across Scotts Bluff County are in for a June surprise when they learn their newest property values. To keep up with Nebraska’s market trends, property valuations in Scotts Bluff are expected to rise by anywhere from 4% to 23%, County Assessor Angela Dillman announced Monday.
Dillman says valuation adjustments are required every year to reflect market values across the State of Nebraska. Per the latest adjustments, residential property valuations are expected to rise by 4% in Scottsbluff, 5% in Gering and Mitchell, 12% in Morrill, and 23% in Terrytown. Rural acreage will rise by 10%, and rural subdivisions by 9%.
“Nebraska is a market valued state. So, every year, we are required to review the previous three years worth of sales,” Dillman said. “We don’t set the market, we follow the market.”
In order to stay compliant with the state, residential property valuations must sit anywhere between 92% and 100% of market property values, Dillman said. The upcoming valuation hikes will bring Scotts Bluff’s residential properties into compliance, at 93% of market values.
Agricultural land instead has a required range of just 69% to 75%, allowing ag land prices in the area - now at 71% of market values - to remain the same.
Though the hikes aren’t out of the ordinary, Dillman says assessors always expect to see some pushback. The most common concern - rising property taxes.
“Unfortunately, there’s no way to predict what will happen with taxes,” Dillman said. “The values go up, and if the levies were to go down, your tax amount would stay exactly the same. It just depends on the various entities and the budgets that they request...But we won’t know that until around the end of September.”
The assessor’s office says it will mail out valuation change notices on June 1st. The deadline to file an appeal is June 30th.