‘It’s a seller’s market’: Property values in Lancaster Co. on the rise
Many of the 90,000 Lancaster County residents could see their property value go up as high as 20 percent, Rob Ogden, the Lancaster County Assessor said.
LINCOLN, Neb. (KLKN)- If you’re thinking about selling your house, well now is the time. Home values in Lincoln are on the rise, according to the Lancaster County Assessor.
Many of the 90,000 Lancaster County residents could see their property value go up as much as 20%, Rob Ogden, our County Assessor said.
“Values have been moving up pretty strongly, basically because there is low-interest rates, historically low-interest rates, and a lack in listings,” Ogden said.
With the demand for homes high and the supply low, home values continue to surge across the county. Whether north or south of Lancaster County, Ogden says get ready to see more homes being built in your neighborhood.
“This last year was a record number of home residential permits taken out for new construction,” Ogden said.
Now, higher home values could ‘potentially’ mean an increase in property taxes. Whether taxes go up or not is determined by the different taxing entities that set the levy rate.
“In the past, they have tended to leave the levy rate the same or just slightly reduce it, which means yes, your taxes will go up,” Ogden said. “But that’s not from your value increase, that’s just from them needing more budget money.”
Postcards were sent out Monday morning (1/11/21) to Lancaster County residents alerting them on where they can see their preliminary property values for 2021 online. For more information, visit the Lancaster County Assessor/Register of Deeds website.