Residential propety

Residential property values ​​increase by 13% | The star

AUBURN – Land reassessments this spring in DeKalb County saw the median estimated value for a home under 10 acres rise to $163,900, an increase of about 13% from the median of 144,100 $ from last year.

Total assessed value in DeKalb County for all property types increased 12.6% to $4.1 billion.

DeKalb County Assessor Sheila Stonebraker reported those numbers from reassessments this spring, which assessed about 7,800 parcels — or 25% of properties in the county. Affected owners recently received their new assessments in the mail.

Last year, the overall total rose only 5.5% and the median home value rose 8.5% from a year ago.

In this year’s reassessment:

• The median increase for farm assets was about 11.3%, Stonebraker said.

• Commercial real estate experienced a median increase of approximately 16.5%.

• The median increase for industrial property was approximately 8.45%.

Property taxes payable in 2023 will be based on the new assessed values.

Stonebraker said several factors affect changes in residential valuations in DeKalb and all other counties in Indiana.

New construction and renovations drive valuation increases, she said.

“Second, DeKalb County reassesses 25% of residential lots each year. Site visits during cyclic reassessment result in changes in physical characteristics that can cause the assessment to increase,” Stonebraker said.

“Third, the county also assesses trends each year based on valid property sales. As selling prices increase, the resulting valuations also increase. These studies are conducted at the neighborhood level to identify market conditions. This can result in valuation increases or decreases, or even no change in valuations,” she said.

Stonebraker concluded, “Fourth, from time to time, the Indiana Department of Local Government Finance updates cost tables that are used as a starting point to assess all improvement values. These cost table changes may also result in valuation increases.

DeKalb County contracts with Nexus Group, an Indiana-based property tax company, to perform its annual reassessments.