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By Blake Hilkemeier Atkinson Graphic Around August 20, County Assessors around Nebraska certified this year's changes in property valuations, creating figures that are used by government subdivisions to set necessary budget requirements and, in the end, tax rates for the next year. This year's Holt County figures record a change from the previous year, pushing Holt County over $4.1 billion in total valuation, an increase of $605 million, or 17.25 percent. O'Neill Public Schools (7) saw a 186,712,692 increase in their valuation area or a 13.794 percent increase, totaling at 1,540,293,435 in valuation. West Holt Public Schools (239) saw a $216 million increase in their valuation area, or 18.49 percent, totaling at $1.384 billion in valuation. Stuart Public Schools (44) saw a $32 million increase, which ended up being around a 14.7 percent increase. Regional subdivisions - ESUl, ESUB, and ESU 10 each went up this year, with the largest increase coming from ESUl 0, which saw a 46.062 percent increase. Fire Districts that are inside of Holt County's borders saw an average of 21.51 percent increase Government Subdivision Holt County across the board - a low of 11.9 and a high of 46.01 percent for this year's figures. Valuations are set by the County Assessor reviewing sales for the previous three years, and finding a "mean"for each type of comparable property type or land type - a 2 story home with finished basement sale would be used to compare to other 2 story homes with finished basements, or a quarter of irrigated crop ground with a certain soil type sale would be used to determine value of other similar quarters. A higher year of sales prices on property (typically land), would result in a higher average valuation increase as the "mean" of those sales would increase to compensate for the higher sales prices. In principle, if sales prices were to drop, or there were years with no sales, the valuation would drop sharply, but that would typically result in the government subdivisions raising their levy to compensate and receive the same amount of funding. Taxpayers are allowed to protest their decreases or increases with the County Board of Equalization, usually in the mid; summer, to allow for the values to be set before budget season begins for government agencies and subdivisions. An increase in value does not necessarily indicate an increase in tax owed - as government subdivisions haven't requested a budget or tax requirements for the year. Taxpayers can continue to follow the process and also attend the public hearings held by government subdivisions to comment or request change to budgets for the year, which overall sets the amount of taxes requested from taxpayers. For instance, a government agency may have a taxable area valued at $100 million, and, perhaps require $2 million in necessary budget funds for the year, and so would request enough tax levy to collect funds on that $100 million to generate the $2 million. Many government subdivisions are limited in the maximum they can request, so an increase in valuation typically indicates an increase in budget or expenditures since the subdivision can generate more money on a higher valuation with the same tax rate as the previous year. If that government agency had a $100 million valuation last year, and raised $2 million with a 5 cent tax levy, if the valuation goes to $200 million, the subdivision can raise $2 million with a 2.5 cent tax levy, but usually takes the opportunity to keep the tax rate a little higher and increase it's budget - perhaps 3.5 cents would raise $2.5 million instead, allowing for budget growth. That would be reported as a"lower levy,' (or tax request) but actually be costing taxpayers more to raise the additional funds over the previous year's budget. Those notices began last week, and continue in this week's publication indicating the taxing agency's last year budget and request, and the new totals for this year.
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| Tags | Tax |
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