Mike Glass, Lyon County Assessor said that "after major reductions in assessed valuation figures last year on property in Lyon County, there will be more of the same for next year"
Mr. Glass presented the Lyon County Commissioners with information from single family residence sales through June 30, 2009, and value factors that would be used in determining the assessed valuations of land for fiscal year 2010-11.
The lower assessed valuation figures don't result in property tax bill reductions in that same amount as the state's growth cap on assessed values of 3 percent (residential) and 8 percent (commercial and multi-residential) has capped property tax increases in prior years when the assessed valuation based on land values was skyrocketing during the real estate boom years. But it might be balancing out now.
Last year in most cases the assessed valuation figures were reduced, which was a high as 50 percent in Fernley.
Glass said his office was concluding the valuations for 2010-11 that would be used for the tax bills that go out next July. He explained the parameters they use for land values is to appraise land as if it were vacant, based on other comparable real estate sales, and then to add improvements to the land.
Glass said the biggest impact will again occur in Fernley, noting of 683 single family residential properties sold, 258 were to private buyers and 425 went through foreclosure, which generally have lower sales prices. As a result, he said there would be 40 percent reductions in the valuations, with that area having an improvement factor of 0.60 and land factors also of 0.60.
He said typically they would ignor foreclosure sales in determining land values, as they aren't accurate of true sale values, but there were too many in that prior year to ignore as they dominated the market. Exact figures for valuations are not known yet, but they should be established by December 18th.
If you have any questions or need more information, please contact Lyon County Assessor's office at 775-463-6524
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