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Lancaster County Assessor’s Office waits to revalue some property

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Lincoln, Nebraska (KOLN)-The Lincoln real estate market has been a strong seller market for the last few years. Homes are soaring in just one day, so they often exceed the asking price.

Due to these and other factors, the Lancaster County Councilor’s Office said it had been waiting a year to revalue some of its assets.

We are waiting for 2023 when things can get more accurate images of what is really worth it. Last year, many Lincoln homeowners saw their property value rise sharply, even during a pandemic. County councilor Rob Ogden said interest rates and seller markets are likely to continue to push prices up, but many will see no change in this year’s valuation.

After June 1st, single-family home owners may, of course, move in. As the county councilor’s office said, there won’t be much praise in 2022. This is good news when it comes to property tax payments.

Some exceptions to that are people who have made new builds and major renovations or updates to existing homes.

“We’re at the bottom of the place we want, but it really took another year to figure out where the market was heading,” Ogden said.

Ogden said the decision basically depends on the unknown. Homes continue to sell at high prices, making it difficult to identify what is really valuable. Therefore, by waiting until 2023, you will have time to get a more accurate image and catch up.

“Usually things aren’t adjusted every year,” Ogden said. “We look at them and see if we need them. In fact, our apartments increased last year. To keep them stuck in the stadium for market value, we’re going to have apartments this year. I needed to increase it. ”

Matt Kirkland is a Lincoln realtor. He said the market continues to be the seller’s market, pushing up the average price of homes, and he often sells homes above the asking price.

Lincoln’s average home sales price in January 2021 was $ 225,000 and is now $ 288,000 as of April 2022, “Kirkland said. “That is, the average selling price of Lincoln homes has literally risen by 25%.”

Ogden said it’s important for real estate owners to prepare for next year’s value, from residential to commercial to agricultural land.

“It shows a double-digit increase in value based on sales over the last two years,” Ogden said. “That is, we’ll catch up next year, so be prepared for important changes next year.”

Homeowners can now see their preliminary assessment, and the official one will be released early next month. People can challenge these assessments during the formal period throughout the month of June.

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