Assessed valuation of real property — land and structures — in Allen County increased nearly $1.3 million for 2012.
County Appraiser Sandy Drake figures assessed valuation of real property today is $65.375 million. A year ago it was $64.087 million.
To put numbers in perspective, assessed valuation is the figure used to compute property taxes; appraised valuation shows market value of a piece of ground or structure. Assessed valuation is determined by multiplying appraised value by a certain percentage — 11.5 percent for residential property, 25 percent for commercial and 30 percent for land devoted to agricultural use.
But, Drake warned, don’t take those numbers to the bank, at least not quite yet.
People who disagree with appraised valuations of their property may file an appeal, which sometimes leads to a reduction.
Also, before assessed valuation is certified by Allen County Clerk Sherrie Riebel so that property taxes may be figured, valuations of personal property, oil and gas and utilities must be added to the mix. Utilities, oil and gas are appraised by the state; personal property is appraised through filings made by owners.
“These are the numbers we have right now,” Drake said of those for real property. “They will change a little before we have the final ones.”
New assessed valuations are $11,013,222 for agricultural land and outbuildings; $17,154,331 for commercial property; $6,111,816 for farm homes; and $30,573,324 for residential dwellings.
Valuations used to figures last year’s property taxes totaled $92,184,204, which means components yet to be assessed likely will total about $30 million.
TAXPAYERS received property appraisal notices last week.
They were not tax statements, rather showed the county’s market value appraisal for each piece of property. Once all appraised valuation is known and it is converted to assessed valuation, various taxing units will complete work on next year’s budgets and tax levies will be applied to valuations to determine number of tax dollars that will be collected.
If it all seems a little complicated, it is for anyone who doesn’t work with the numbers on a regular basis.
The comparison property owners should make is the difference between appraisals for last year compared to this year on statements they just received. If the value increased, particularly by a significant amount, it might be appropriate to contact the appraiser’s office, by telephone at 365-1415, to find out why before tax statements arrive about Nov. 1.
A house with an appraisal (market value) of $100,000 has an assessed valuation of $11,500, which is determined by multiplying the appraised value by the residential assessment rate of 11.5 percent. That also means that for each levy of 1 mill applied against the house’s valuation, $11.50 in property tax money is raised.
