Treasure Valley home prices are again on the rise after years of decline following the Great Recession.
We're not talking about a minor increase in home assessments. Ada County saw a 15 percent increase in the last year. In Canyon County, the increase was double that. It's a positive sign that our economy is rebounding, but we're still not but of the woods.
Home owners in the Valley are happy with this year's home assessment. The Recession caused values to plummet, but five years later, things are beginning to rebound.
According to the Canyon County Assessor's Office, homes in Nampa and Caldwell increased 30 percent in value in just the last year.
"Great things are happening right now,” said realtor Stephanie Rohrdanz of Silverhawk Realty. “New construction is up, resell is up, it's a healthy market for both buyer and seller."
Despite the large gains, homes are still cheaper than before the Recession.
"We’re still below the peak,” said Canyon County Assessor Gene Kuehn. “We're not there yet. I don't know the exact percentage, but we're still below it."
Some homes are seeing a decrease in asking price, but that doesn't mean our market is in decline.
"An 1800-square foot home in one area could be different in a different area,” said Rohrdanz. “So even in the same city they can vary quite a bit."
And you don't need to fear paying out more to Uncle Sam. Idaho law prevents taxing districts from raising their budgets above three percent a year.
"[Taxing districts] can only collect the amount they budgeted for,” said Kuehn. “If it stayed the same as last year and I treated everyone the same, even though I raised them 30 percent you would not see an increase in taxes."
Simply put, your tax rate will decrease. Unfortunately, that doesn't mean you'll be paying less in taxes. It will just be a similar amount to what would be paid out before the increase in home values.
If you would like to contest your assessment you can do so by visiting the county assessor's office.