Assessed and real market property values increased significantly in Benton County over the last year.
Philomath saw an assessed property value increase of 5.5 percent, from about $336.2 million in 2017 to $354.5 million in 2018. The assessed value represents the figure upon which taxes are based
Nearby, Corvallis saw a 5 percent increase, from about $4.9 billion in 2017 to $5.2 billion in 2018. Other areas with increases included North Albany, up 4.9 percent; Monroe, up 2.2 percent; and Adair Village, up 3.6 percent.
“Real market values continue to rise. This past year we processed nearly twice as many subdivision and partition plats over last year, and the highest amount since 2007,” Benton County Assessor Tami Tracy said. “This shows that there is significant development taking place in the county. A low inventory of housing and a robust economy continues to drive the prices up in the market.”
Tracy added that the increase in taxable value over the statutory 3 percent is “driven by new construction in the residential market; the completion of the Courtyard by Marriott downtown, along with some increases to our larger industrial business in Corvallis. There are several multifamily units being built in Philomath, Corvallis and North Albany that will be added to the tax roll over the next couple of years.”
Tracy said real market values increased an average of 7.8 percent, going from about $14.4 billion in 2017 to about $15.6 billion in 2018. Benton tax statements went out a few weeks ago.
Levy renewals that local residents will notice include those for the Benton County and Philomath School District local options.
The Benton County local option tax rate is 90 cents per $1,000 of assessed value. The Philomath School District local option tax rate is $1.50 per $1,000 of assessed value.
Among the new service districts seen in the area is the Hidden Valley Road District for residents of a small development near Wren. Hidden Valley Estates residents passed a measure earlier this year to raise money for road maintenance. The district includes 27 tax lots.
The Hidden Valley Road District's tax rate was set at $1.75 per $1,000 of assessed valuation, which represents an increase in taxes of $525 for a home with an assessed value of $300,000.
Over in neighboring Linn County, the real market value of properties is about $16.1 billion, up about 11.5 percent from $14.5 billion in 2017, Linn County Assessor Andy Stevens said. The assessed value is about $10.2 billion.
“I can’t say we were surprised,” Stevens said. “People have to remember, though, that valuations are based on a Jan. 1, 2018, time frame and the tax year is from July 1 to June 30.”
But it isn’t just homes that saw increased values, Stevens added. Agricultural property values increased 9 percent, commercial real estate values are up 5 percent and multifamily housing is up 6 percent.
“Property sales may shift a bit this year if interest rates continue to increase,” he noted.