Boone County’s property valuation will be a new phenomenon in 2017-18.
After big increases over the past seven years, the county’s total property valuation will be declining by about .057 of one percent or $13,835,719 in 2017-18.
A decline in total personal property values was the biggest factor in the total valuation decline this year, according to County Assessor Barb Hansen.
The county’s total real estate value this year is $2,283,227,327, which is an increase of less than $95,000 from last year’s total of $2,283,132,929.
Total personal property value for 2017-18 is $110,032,294, which is about $13.9 million below last year’s personal property total of $123,962,411. This figure includes state-assessed property such as railroads and pipelines.
“I expected we would be down slightly on the real estate side, but I was surprised at the amount of decline in personal property value,” said Hanson.
Like many other agricultural counties, Boone County experienced large increases in agricultural land values since ag land property values began their dramatic rise in 2008. The county’s valuation increased by double digit rates each year from 2008 to 2016, rising from $692 million in 2007 to more than $2.4 billion by 2016.
This year, many rural counties are experiencing a valuation decline for the first time in memory.
Most of the value declines in Boone County are relatively small, less than three percent overall, which should cause minimal budgeting difficulties for the present.