Property values climb despite pandemic
LINCOLN, Neb. (KOLN) -Despite a pandemic, homeowner in Lincoln are seeing their property values continue to steadily climb. The county is putting out its preliminary property valuations on Tuesday, saying a variety of different factors help them get their numbers.
The Lancaster County Assessor said his office has been working to assess over 90,000 parcels of land in the county, and on Tuesday it’s made those assessments accessible to the general public on their website.
“It turns out the residential market is probably as active as far as value increases then its been in a long time,” said Rob Ogden, Lancaster County Assessor.
Ogden said that during the pandemic many would expect to see a disruption in the real estate market and while that is true for much of the commercial industry, it’s not so for the residential. He said factors like record-low interest rates and an ongoing buyers market are driving up those valuations.
“A lot of the properties put on the market sell in one or two days, even so above the list price,” said Ogden. “The other item is there’s not as many listings so if less listing and people still wanting to buy its a sellers market”
Ogden said that this year they’re working hard to have many avenues for appeals. He said while his office works year-round to make sure appraisals are accurate and that homeowners know their property better.
Individuals can to log onto the assessor’s website and use the search bar to see their property’s value. All that’s needed is an address.
Individuals who would like to appeal the information or the amount or anything else on the listing the website has these two options; A valuation review request form or a portal to schedule a telephone hearing or online appeals form.
“Make sure you’ve got the right number of bathrooms, right number of other things, fireplaces, the square footage is right the amount of basement finishes is correct and so on,” said Ogden.
As for the property tax rate, that might come along with those increasing property values. Many agencies like Lincoln Public Schools won’t receive their official rates until the spring to start setting those.
The deadline for submitting information in the first round of appeals is Feb. 15. The county said you can appeal when official numbers are sent out on June 1, but it’s a much more involved process.
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