- Hailey paces growth with 11 percent increase
Buoyed by double-digit growth in the city of Hailey, Blaine County property values grew 5.7 percent last year, according adjustments based on 2017 sales and market information conducted by the county Assessor’s Office.
All told, the collective value of land countywide increased by more than $532 million, rising to $9.89 billion.
That’s still a far shot from its pre-recession peak of $12.45 billion in 2008. But, the most recent numbers continue Blaine County’s steady rise from 2012, when values bottomed out at $8.1 billion.
“It’s hard to pinpoint anything specific [driving the growth],” said County Assessor Valdi Pace. “All you have to do is look around. There’s no shortage of construction, and there’s not a lot of inventory. In some of these areas, there’s not much land left.”
That’s particularly true in Hailey, which paced the pack from Jan. 1 to Dec. 31 of 2017—the period that, by state law, generates 2018 assessments. The city grew by more than 11 percent over the 12-month span, a nearly $103 million jump that pushed it across the three-comma threshold to a total of $1.02 billion.
In terms of gross value, the city of Sun Valley picked up the most of any city: a 7.7 percent increase worth almost $172 million, adding up to $2.4 billion in total assessed value. The boost helped it gain on Ketchum, but not by much: Despite a county-low 3.7 percent growth rate, collective assessments climbed $106 million, putting its total at $2.99 billion.
Farther south, Bellevue values grew by nearly $10 million, a 4.9 percent change totaling almost $214 million. Carey showed 5.5 percent growth, worth $1.5 million and pushing its cumulative value just shy of $29 million.
Elsewhere, unincorporated county property gained momentum, too, growing 4.5 percent on the back of rising agricultural and grazing land, Pace said.
Despite broad growth, numbers can vary wildly based on fine adjustments applied to individual properties. Some sites increased more, while others remained flat or decreased, Pace told the Idaho Mountain Express.
A change in value does not necessarily mean a change in taxes. That depends on the budget requirements of county and municipal taxing districts, which will be set in September. Based on the requests, the county Treasurer’s Office determines that tax rate and amount due—though, in general, properties that saw the greatest increases will end up paying more. Either way, increases are capped at 3 percent annually in Idaho code. (For a preliminary idea of your bill, Pace recommends going to the State Tax Commission’s property tax estimator at to www.tax.idaho.gov.)
By law, assessments are required to be between 90 percent to 110 percent of market value, and all of them are reviewed annually by the state. In the meantime, owners can appeal their individual assessments by calling Assessor’s Office at 208-788-5535 and requesting an application. The Board of Equalization, which is composed of the Blaine County commissioners, will hear properly filed appeals from Monday, June 25, through Monday, July 9.
“We’ve seen our share of ups and downs,” Pace said. “And, I can say we’re definitely on an up right now.” Article by Mark Dee of the Mt. Express. Original article can be found online here.
