March 26, 2009

Garrison property valuations to change

Garrison property valuations to change
(Hint: They’re going up)
The sale of a few homes this past year has precipitated a closer look at the present valuation of residential property in Garrison. That scrutiny has revealed that recent re-valuations aren’t up to snuff when it comes to being within state guidelines.
County Land Use Administrator Lauren Hunze met with city council members this past Thursday to explain changes coming to valuations of the residential properties in Garrison.
He said the red flag came when the majority of the 26 properties sold in Garrison this past year sold above what true and full value had been.
Property values are based on market values, which fluctuate with general economic conditions. Those conditions include interest rates, inflation rates, supply and demand. Basically, the housing market drives the valuation engine. And right now the market is bullish. City officials said they realize the housing market is extremely tight.
“We know that there is a housing shortage within Garrison and that people are paying more than appraised value,” said Garrison Mayor Dave Reinarts upon hearing the news. “And since they are willing to pay more it affects all the residents of Garrison.”
There are 523 residential properties in Garrison that will see an increase of 10 percent or more. A few will be higher. A handful saw a decrease. There are 763 total residential parcels in Garrison. On average, household valuations increased from 15-20 percent.
City officials are property owners, too, and didn’t warm to the news. They said they realize that the announcement will not sit well with residents – especially after re-valuation of property a couple years ago by Vanguard Appraisals saw increases in values of a number of properties.

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