Effect on individual taxes won’t be known until late fall
By Jason Arndt
Staff Writer
A hot real estate market is behind a recent jump in property value assessments that saw some home values increase by 40 percent, according to City of Burlington officials.
The city said the reassessment resulted in an overall property assessment increase of about 8 percent for residential properties.
“That doesn’t have anything to do with the city (government). That is the market. The economic conditions of the community are improving,” City Administrator Carina Walters said.
According to a statement released by the city, the increase comes after about a decade of relatively modest market growth.
In 2018, the City of Burlington’s assessed property value totaled $573,038,100, an increase from last year when it was $531,607,200.
For commercial properties, the recent revaluation conducted by Accurate Appraisal showed a 3.18 percent jump.
Meanwhile, for commercial properties, the total assessed property value in 2017 was $259,256,600, but increased 3.18 percent this year at $267,494,600.
City officials reported many of the 157 single-family and two-family homes sold in 2017 were above market value.
“Some sold for as much as 40 percent higher than assessed value, thus increasing the base assessment rate,” according to the statement.
To read the complete story see the July 26 edition of the Burlington Standard Press.
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