Boone County’s property valuation will increase for 2018-19, but only slightly.
The county’s total taxable property valuation is certified at $2,394,598,707 for the coming year.
That represents an increase of only $1,648,494 or .068 of one percent from last year’s total value of $2,392,950,213.
County Assessor Barb Hansen announced the new values last week. The small increase follows a small decline in the county’s taxable values last year.
Total real estate value for Boone County this year is $2,290,448,998, which is an increase of $7,193,556 from last year’s total of $2,283,255,442.
Total personal property value for 2018-19 is $104,149,709, which represents a decline of about $5.5 million from last year’s personal property total of $109,694,771. The personal property value includes agricultural, commercial and industrial personal property, as well as state-assessed property such as railroads and pipelines.
Agricultural personal property total value declined by nearly $6.5 million this year, while there was a small increase in total value of commercial and industrial personal property.
In real estate values, there were valuation increases in both residential land and improvements this year. Acreages and rural home site values were higher mostly due to an increase in the “first acre value” from $12,000 up to $18,000
Ag Land Valuation
Overall, there was a decrease of $21,299,810 in agricultural production land, including a decline of more than $16.5 million in irrigated cropland.
Irrigated land this year is valued at $1,217,634,000, compared to last year’s total value of $1,236,386,290.
Dry cropland showed a small increase in total value, up from $410,597,190 last year to $411,372,155 for 2018-19.
Total grassland value declined by more than $3.3 million from $163,050,810 last year to $159,728,325 for 2018-19.
There were increases in the values of ag wasteland, farm-site land, ag home-site land, non-ag use land, agricultural outbuildings and “other” ag land.
Albion City Valuation Higher
City of Albion valuation increased by about four percent this year to $152,234,739. The new total is $5,866,979 higher than last year’s city valuation of $146,392,375.
Read the complete story in the Aug. 22 Albion News & Petersburg Press, Print and E-Editions.