Big increases in Lancaster County valuations are in line with the market, expert says

LINCOLN, Neb. (KLKN) – The valuations of properties across Lancaster County have been updated, and many people have noticed they’ve gone up.

Kim Zwiener, an agent at Sellstate Empire Realty, said the big valuation increases are because the county is trying to catch up with the market value of homes.

She said the median price for Lincoln homes was $180,000 in 2019 and is up to about $255,000 as of November.

“If you’re seeing anything around a 30% increase in your valuation, that’s probably what your assessed value should be,” Zwiener said.

She said the good news is that as the value of a property increases, it becomes a better investment and will sell for a higher price.

“If you go to sell that home, it’s good to have your valuation match what your sales price could be,” Zwiener said. “But of course, as we know, our assessed value is associated with the amount of taxes we pay on a property, so that increases the taxes we’re paying.”

Lancaster County Assessor Dan Nolte said these assessments mirror what happens in the local market.

He said there are a number of factors that go into determining the value of a home or property, such as condition, age and location.

Nolte is encouraging anyone who thinks their property has been valued incorrectly to contact his office to make sure the valuation is accurate.

“Bring to our attention any discrepancies you see,” he said. “If you’ve had a recent appraisal, if something is going on in your neighborhood, if something doesn’t look right, if you’ve got any information, by all means, provide that to us, and we’ll take another look.”

Zwiener said real estate agents can also help to do a comparative analysis of a property, which owners can give to the assessor to help get an accurate assessment.

“I know it’s frustrating to a lot of homeowners, but other than looking at your valuations and seeing what has sold around you, there’s really not much we can do to stop this train of increase values,” she said.

The valuations being sent out right now are preliminary and could change before March 1, when they’re finalized. But if you want to contest your valuation, you must schedule a meeting or review with the assessor’s office by Feb. 1.

Categories: Lancaster, Money, News, Top Stories