Expect a large increase on your Marshall County assessment notices this year, says County Director of Equalization Kassi Jones.
Assessment notices were mailed out Wednesday and property owners should expect to see a larger increase than normal. Most non-ag properties will see a 10-25% increase on properties, explained Jones. Ag land saw a very minimal increase of about 1% to crop and grassland soils.
Jones adds, “Just because your assessed value increased that much, does NOT mean taxes will increase at the same percent. Those are determined by more factors than just the assessed value.”
“My job is to assess properties at market value, which is what your property is worth on the open market,” emphasized Jones. “If the market goes up, your assessed value has to go up. If the market were to go down, your assessed value would go down.”
Jones went on to explain the big jump she’s seeing now. “This year, there were a lot of sales that sold for a lot more than the value we have on them,” she said. “We will see what happens next year, but that’s where we’re at right now. Most counties in the state have been having this problem for the last three assessment years, and I think it just took our smaller county a little longer to catch up to that.”
Based on state law, the overall real estate value assessment of the county must be at least 85% of the median fair market value for homes in it. “We came in at about 71% this year,” stressed Jones. “What that means is that non-ag properties are assessed at only 71% of what they’re selling for. That’s why we have to have such big increases this year. “
Property owners that would like to appeal their property assessments have a limited time to do so. They should submit an appeal in writing either by letter, or email. If a property owner has questions or thinks something is wrong with their assessment, they should call the Equalization Office at 605448-5291. These changes in assessment will not occur until taxes due in 2024.
