The assessed value of Albany County’s taxable property has risen about 7 percent this year.
The change will boost local property tax revenues for the 2020 fiscal year and Albany County Assessor Grant Showacre told the Laramie Boomerang that the change is mostly a result of the 2018 fiscal year being a strong year for the county’s housing market.
“Sales have told us that property values in this county have increased,” he said.
The increase is a significant jump from the 2-3% increases the county has seen in recent years, but it still pales in comparison to the financial growth in the first few years that Showacre began work at the assessor’s office.
He was hired in 2000 and at the beginning of that decade, 12-20% increases were the norm, he said.
Showacre’s new assessed value of the county’s property was approved by the state last week and has the assessed value of residential property rising from $236.5 million to $254.4 million.
Residential property accounts for just more than half of the county’s assessed value, but other kinds of property are also contributing to the increase.
Commercial property values have risen about 5%, industrial property about 14%, and the land assessed by the state — which most consisting of utilities, minerals and railroads — rising about 12%.
Increased gypsum and limestone valuations accounted for much of the state-assessed boost.
Agricultural land is the one category whose value didn’t rise this year.
The value of property typically changes when Showacre’s staff makes site investigations of every property in the county every 6-7 years. But values on all property also can change each year based on market tends.
“This year, some neighborhoods went up a little bit more, and some a little bit less,” Showacre said.
The value of commercial and industrial property has also risen in part because because of expansions to commercial property in West Laramie and increasing activity on East Grand Avenue.
The notices of individual property owners’ valuations were mailed out April 10 this year, and owners had 30 days to contest their new valuations.