County assessed value drops - Coeur d'Alene Press: Local News

County assessed value drops

Number marks fifth straight year of decreasing values

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Posted: Wednesday, May 30, 2012 12:15 am

With nearly 90,000 assessment notices mailed out to Kootenai County property owners on Tuesday, the county Assessor's Office is reporting an $859 million drop in the county's overall assessed value.

The decline to $11,273,000,000 this year, still an estimated figure at this point, marks the fifth consecutive year of sliding values, Assessor Mike McDowell acknowledged.

"It's a tough read right now," McDowell said. "We've seen some signs where the market appears to be reacting favorably in certain segments of the market, while others are kind of uncertain yet."

A possible silver lining is that this year's loss in overall assessed value, reflecting an analysis of 2,950 property sales in 2011, is less dramatic than in recent years.

Last year the county's overall assessed value fell $897 million. Before that, 2010 saw a loss of $2.1 billion, and 2009 of $1.2 billion.

Assessed value fell $720 million in 2008.

McDowell has previously labeled the trend as a return to normal market values, following the mid-2000s housing bubble. This might be a continuation of that correction, he said on Tuesday.

"If anything, the impact seems to be diminishing," McDowell said. "The rate of decline is not getting steeper."

The 87,816 property value assessment notices mailed out on Tuesday are based off local property sales and other market information from the 2011 calendar year.

The Assessors Office conducted sale reviews in 659 county neighborhoods, according to a press release.

Patterns were hard to discern as far as what sales markets are floundering, McDowell said.

"We're starting to see some activity in the area, for instance, with rental housing and rental units," he said. "We're starting to see some entry level housing pick up."

Foreclosures and short sales comprised 41 percent of residential transactions last year in Coeur d'Alene, the county's largest group area, McDowell said.

That was a jump from the 25 percent tallied across the county in 2010.

"There's just more of that property on the market," McDowell said, adding that the office didn't have a county-wide figure for the foreclosures and short sales.

Pat Krug, designated broker at Windermere Coeur d'Alene Realty, said she's seeing indications that the county's housing market "has hit bottom" and is starting to rise.

Average sales prices in most towns in the county have increased since last year, she said, and home buyers are taking advantage of appealing loan programs.

"This market optimism definitely has to be tempered with real estate prices," Krug said. "These buyers are looking for value, and they're expecting it, and those are the ones that are selling."

Michael Threadgill with Keller Williams Realty in Coeur d'Alene said certain market segments are fairly robust right now, especially affordable housing.

"I feel like we've hit a good stabilization point," Threadgill said. "We're noticing that inventory levels are dropping, which would suggest an increase in prices over the short term."

He predicted higher property values, he said, "as soon as we get our inventory levels to equilibrium."

During the county's property sales reviews, the assessor's press release states, property sales didn't indicate the same rate of value change in every neighborhood. The Assessor's Office ensured fair assessments by adjusting according to property type and location, according to the release.

Idaho's homeowner's exemption decreased this year from $92,040 to $83,974.

Property taxes are determined both by a property's assessed value and the budgets set by its local taxing districts.

The county encourages property owners to give input at taxing districts' budget hearings, the dates of which are listed on assessment notices.

Those with questions can contact the Assessor's Office at 446-1500.

McDowell said the county might see overall values rise next year.

"Given the economics and where we're at with starting home prices, I'd say we're getting pretty close to that economic equilibrium," he said.

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  • bionic man posted at 5:21 pm on Thu, May 31, 2012.

    bionic man Posts: 347

    I would like to know why any of us have to pay taxes for NIC? Correct me if I'm wrong, aren't they a business for profit? The last time I checked, they (KCTD) told me that the taxes were voted in by the people.....what people??? Also, just got my tax assessment today. Nice to know that the hearing for NIC taxes comments were before the date of the tax assessment notices.

    Here is the response from the county when I questioned it:

    the best thing you can do is to refer this inquiry to the NIC contact person as they make their own independent decisions regarding their budget processes. They have to follow state law when they do that of course. The NIC budget year runs from July 1 through June 30 each year, while most other taxing districts’ budget years are from October 1 through September 30. The contacts for North Idaho College are listed below. I hope this is helpful.



  • aayupp posted at 11:55 am on Thu, May 31, 2012.

    aayupp Posts: 316

    oppose every levy until they wake up and realize that until they focus on attracting real large employers to this area (its called a tax base).

    taxpayers- jobsplus is yer worsed enemy. i am against small business and for very large business. what a platform???????????

  • Hardworker posted at 11:36 am on Thu, May 31, 2012.

    Hardworker Posts: 36

    Im with you mister d. Mine also went up $100, but have not had a raise in 3 yrs, finally got a raise and it was around 32 cents'ish.. and in the same month my health premiums went up!

  • LTRLTR posted at 7:08 am on Thu, May 31, 2012.

    LTRLTR Posts: 1171

    My property values dropped another $10,000 for this past year.

    I expect NIC to raise taxes and collect on foregone taxes for 2012/2013.

    And I expect the City of Cda. to not increase for budget year 2012/2013 because of the 2013 Council election year.

  • idahoguy posted at 5:41 am on Thu, May 31, 2012.

    idahoguy Posts: 932

    Home owners exemptions are dropping yearly thus taxes keep going up.

  • witness posted at 6:07 pm on Wed, May 30, 2012.

    witness Posts: 56

    North Idaho College has been increasing our property taxes by citing their growth. Now NIC's headcount has dropped by 18.29% from FY11 to FY12, and FTE is down by 14.33% for the same period. How about cutting taxes for 2013?

  • Tim Herzog posted at 9:28 am on Wed, May 30, 2012.

    Tim Herzog Posts: 373

    Taxes, the necessary evil but unfortunately necessary. By statute, the county is required to provide services like the sheriff, fire departments, highway districts, hospitals, etc. Cities, on the other hand provide what their citizens demand or not and do not have a state statute directing them.

    Yes, real estate values are down due to short sales, foreclosures and the overall economy but your tax bill may be higher. The levy rate is determined by the total assessed value of proprieties in the county divided by the total of all the taxing districts budgets. The only way to combat a rise in your tax bill is for the taxing districts to hold the line with their budgets and not take the 3% increase that is allowed by law or tapping into the foregone balance.

    Waste and inefficiency in government has to be monitored closely and all the taxing districts need to be held accountable. More citizens need to attend budget hearings and they should be held at a time when the public can readily attend them, not just during business hours.

    Commercial development that can provide real jobs will effectively ease the tax burden on residential properties because they pay a larger share and do not have the exemptions a homeowner does.

    As a realtor since 1991 and after having been through many appeal hearings over the years, the important thing to focus on is that your real property is assessed at true market value. Just remember, because taxes are a year in arrears, your values are also based on comparable sales from last year, not the current year.

    Tim Herzog
    Former candidate, District 1, County Commissioner
    Defeated but not done!

  • spudman1 posted at 8:30 am on Wed, May 30, 2012.

    spudman1 Posts: 470

    Volume of sales were up dummy, prices are down!

  • mister d posted at 7:43 am on Wed, May 30, 2012.

    mister d Posts: 1531

    Concerned, my taxes went up over $100 from the previous year. Not sure if i can afford the value of my house to rise. Ultimately it's not a lot but it is a large increase compared to the 0% raise I've had the last couple of years.

  • concernedcitizen posted at 7:10 am on Wed, May 30, 2012.

    concernedcitizen Posts: 2530


    Not according to realtors. LMBO

    Yet our tax seem to just climb. But ask the expert Mr. John A. They CANNOT go up more than 3%. Yet my home was assessed at 30% lower and my taxes went up 16% from previous year that would make an approximate 44% increase proportionately. But that is not possible according to the "SPINMASTERS".

  • The Other Decider posted at 7:07 am on Wed, May 30, 2012.

    The Other Decider Posts: 228

    "housing market "has hit bottom" and is starting to rise." The real estate agents have been saying that the last few years. Never trust them, they are just like the big banks. Wait until the tide hits from the EU collapse. HaHaHa!

  • LTRLTR posted at 6:49 am on Wed, May 30, 2012.

    LTRLTR Posts: 1171

    Very sad....."Foreclosures and short sales comprised 41 percent of residential transactions last year in Coeur d'Alene, the county's largest group area, McDowell said."

  • wheels1 posted at 3:42 am on Wed, May 30, 2012.

    wheels1 Posts: 448

    A Press article not long ago stated housing sales were up But prices were down.So which is it?

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