‘It’s just ridiculous’: Lincoln homeowners react to property valuations

LINCOLN, Neb. (KLN) — Preliminary property valuations in Lancaster County have been finalized, and some Lincoln homeowners are not happy with the results.

“They’re too high,” Dave Borer said. “How did they come up with it? I don’t understand; it’s just ridiculous.”

Shellie Hale said her home valuation went up $15,000 since last year. She said it was surprising since she made no renovations to her house.

The Lancaster County Assessor’s Office is accepting property valuation protests until July 1. 

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Hale said it’s frustrating how much it costs to own a home, including her rising home insurance cost.

According to Bankrate, monthly insurance premiums went up 61% in Nebraska in one year. 

That’s the second-highest increase in the nation. 

The Bankrate report says there are multiple reasons why insurance goes up.

One of them is valuation increases.

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NeighborWorks, a Lincoln nonprofit helping first-time homebuyers, said the insurance increase makes it harder to buy a home.

Ana Lyman, the nonprofit’s homeownership director, said even a $20 increase in premiums can change a prospective buyer’s debt-to-income ratio and make them ineligible for a mortgage.

“It definitely comes into play with what a borrower can afford each month for a house payment,” she said.