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Property Values to Plunge Property Values to Plunge Originally appeared on "themonticellonews.com" 18.Mar, 2010 Chief Appraiser Lynn Bentley’s 2010 Digest recommendations were presented to the Board of Assessors (BOA) last Thursday during the board’s regular monthly meeting. Based on 2009 results, the ratio for rural land sales was 45.52, for residential sales it was 47.53, and the combined All Fair Market Bank Sales, it came to 47.06. The acceptable ratio ranges per state requirements are 38.00 to 42.00. According to the numbers, land values in the northern parts of the county have decreased an average of 25 percent and 15 percent in the south. An example of price per acre in the north pricing area of Barnes Mountain Farm shows the value decreasing from $7,600 to $6,500, while in the south pricing area of Brookhollow shows the value decreasing from $7,000 to $5,800. Examples of residential property are even more dramatic with the value of Turtle Cove interior lots dropping from $9,500 to $2,500, and of lakefront lots falling from $160,000 to $130,000. Most areas considered residential land will be seeing a decrease dependent upon market variables. The BOA also plans to update all residential structure pricing, which will result in a decrease in all residential houses by an average of 10 percent. The bottom line is property values will decrease, however a reduction in taxes depends on whether or not the County Commission and the School Board raise the millage rate. The BOA approved the publication of Available Property Tax Exemptions and Return Of Taxable Property, which specifies all applications for Conservation Use Covenants, Applications for Forest Land Conservation Use and Homestead Exemption are due April 1. Also, the BOA approved Conservation Renewals for: Gerald Benton, Kevin Connell, Lawrence Haynie and Janice Strickland, Sheline Martin, Leonard and Bessie Starr, Janice Lam, J. C. and Darlene Crow, Paul and Connie Smith, and C. D. Watson. Conservation Continuations for Steven and Kathy Dailey, Donna Gensler and Laura Bryans, Bryon Waits and Dora Maria Halliday were also approved. New Conservation uses were approved for Shannon Honeycutt, Harry Ragan Sr. and Jr., BPCB Timber Company, Gerald Aikens, Gary and Cynthia Irby, and Ann Fitzpatrick. Forest Land for Robert Pennington Land and Timber. The Error and Release Forms, where fair market value was adjusted in four cases, was approved. Before adjourning the BOA approved meeting dates for the remainder of the year to be at 5 p.m. on the second Thursday of each month, with the exception of May and November when it will be the first Thursday.
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