POCATELLO, Idaho (KIFI/KIDK) - Home values increased again.
“Last year was kind of a record breaking year in increasing market values. This year, we are not seeing that same rate of increase,” said Bannock County Assessor Shari Davies.
Property values didn't increase as much as last year, Davies said, but home values are still rising, and homeowners will likely notice in their assessment.
Greg Johnston has been a realtor in Pocatello for 21 years. Normally, he sees home values increase about 3% to 4% each year.
“So when we’re seeing 10 to 12 percent annual appreciation, that is a lot higher than normal, and so the assessments are trying to catch up to what those values are currently,” Johnston said.
Single family homes on average sold for $198,402 in 2019, according to Johnston's records. In 2020, the average home sold for $222, 860.
“In one year, the average sales price in Pocatello has gone up about $25,000, and that’s about 10 percent,” Johnston said.
Homeowners were shocked to see their homes increase in value so much in 2019.
“We still don’t like that our values are going up, but hopefully there’s better understanding this year,” Davies said.
Homes aren't gaining value for no reason. Bannock County has a strained housing market.
“Right now, we only have 115 houses on the market and that’s nothing when you look at how big Bannock County is. With this many residents-over 70,000 people who live here-to have 115 homes for sale, that’s not a lot,” Johnston said.
The housing shortage began in 2016, Johnston said. The lack of supply and high demand for homes in the area is pushing home values up exponentially.
Bannock County property assessments have been out compliance with the state for years, Davies said. Johnston agrees.
“Historically when I would sell a home to someone, I would always tell them, ‘Ignore what the assessment is, that’s not an accurate appraisal, it’s always low,” Johnston said.
The appraisals Johnston has seen lately are much more accurate to the actual home value, he said.
“I found that a lot of them were pretty accurate, but there’s still some inconsistencies,” Johnston said.
Johnston plans to appeal some of his property assessments with the Board of Equalization.
For questions regarding your property assessment, you can call the assessor's office or email them at firstname.lastname@example.org. Davies warns that phone lines may take a while depending on the day.
The assessors office will only meet with the public by appointment for all property-related services, due to social distancing protocols.
Residents can also file an appeal with the Bannock County Commission until Monday, June 22 at 5 p.m. Appeal forms are available at the commissioner’s office or at bannockcounty.us.