New Washington County Property Appraisals

The Washington County Assessor's Office determines the value of property every three years.

Most owners have by now received Notice of Change in Assessment letters and the majority of those letters indicate increased values, much like what occurred when reassessments were done in 2004. At that time, assessed values increased significantly over previous assessments, as they were brought more in line with market value at a time when the market was increasing at double-digit rates. Previously assessed values were much less than market value.

Here’s how it works. First the 2007 Appraised Value is determined. That amount is multiplied by 20% to determine 2007 Full Assessed. Then the 2007 Full Assessed is multiplied by the millage rate in effect where the property is located.

People usually get upset anytime they see their taxes increase and this year is no different. One of the most common complaints I hear is that property values have gone down – not up. But the important thing to remember is that the reappraisal compares property values in 2004 to 2007. I think it’s fair to say most property values in Washington County have increased in the past three years.

On the other hand, some of the new appraisals are clearly out of line, but it is an individual situation. For example, I have a client who purchased a new home last August for $165,000 and whose reassessment says it is now worth $175,000. According to market data I have analyzed (check my first quarter market report in the archives of this blog), prices decreased in the last quarter of 2006 in Washington County by about 14%. Although they began rising again in the first quarter of 2007, if my clients where to market their home now, they would be hard pressed to even get what they paid for it a year ago.

Here are two important statements which I took directly from the Notice of Change in Assessment:

“Assessments on properties serving as the principal place of residence for any taxpayer who is disabled or who is 65 years of age or older prior to Jan. 1, 2007, shall be assessed at a level no greater than the Previous Taxable Assessed plus the full assessed value on any modifications made to the property that were not previously assessed.”

“Assessments on properties serving as the principal place of residence for all other taxpayers shall be limited to a 5% increase over the Previous Taxable Assessed plus the full assessed value on any modifications made to the property that were not previously assessed. The 5% increase will occur yearly until the Full Assessed Value is reached.”

This limit extends so long as the property is not sold. The full appraised value kicks in once the property is sold to a new owner.
If you feel your property is unfairly assessed, call 479-587-1130 to speak with an appraiser at Arkansas CAMA Technology, Inc., the firm that performed the appraisals for Washington County.

If you wish to schedule a formal hearing with County Equalization Board, call the County Clerk’s office at 479-444-1711 no later than August 20, 2007.

Hearings will begin August 1, 2007 and if required, will continue through October 1, 2007.

One piece of good news – With 2007 taxes, which are due in October 2008, homeowners will receive up to $350.00 property tax credit on the property serving as their principal residence. This is an increase of $50 over 2006 taxes, which are due October 2007. If you have not previously applied for this credit, do so by calling the Washington County Assessor at 479-444-1500.

For more information:
http://www.nwaonline.net/articles/2007/07/02/news/070307fzwaschoreappraise.txt