Here’s what you should know about tax deductions. Pennygem’s Natasha Abellard has the story.
KEARNEY – “Like a box of rocks.”
That’s how Buffalo County’s newly elected assessor, Roy Meusch, describes recent weeks since property owners received notices of their preliminary assessed valuations.
After the notices were mailed, Meusch fielded complaints from people who are worried about higher taxes. He said he helped a good number of property owners understand what’s happened with the assessed valuations on their homes, businesses and land.
Meusch
Overall, Buffalo County’s tax base has increased by 11.47%, according to preliminary valuations that will be certified on Monday.
Meusch said that because valuations are rising, some property owners fear they’ll have to pay higher taxes next year, but valuations are just a part of the formula that determines how much property taxes people will pay.
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Government spending also is a key factor in the property tax formula, and it’s possible that many budgets are on the rise.
As they budget for next year, schools, cities, counties and other subdivisions are wrestling with inflation, increased staffing costs and other factors.
The goal for assessors like Meusch is to accurately assess the value of property so that everyone pays their fair share, said Kearney Realtor Matt Meister.
“I’ve never seen an assessor do such a good job,” said Meister, whose professional hobby is tracking the ups and downs in property values and tax levies.
Meister said he has enough data backing him that it’s simple to debunk the misinformation that circulates during valuation season in the spring and government budget time in the fall.
Meister said poking holes in myths such as “tax levies always go up,” is simple because he has the data. According to Meister’s numbers, Buffalo County’s overall levy dropped four times in the 24 years from 1999 to 2022. That’s an average of once every four years.
Meister
This year, Meister is tracking the assessed valuations on 106 residential properties in Kearney. Among those properties, only three had valuations for 2023 that appeared to be incorrect.
Meister compared the total valuation of those 106 properties from year to year. In 2021, their total value was $26 million. The total value rose in 2022 to $28.6 million, a 9.68% increase.
The increase of 9.68% on Meister’s residential sample is close to the 11.47% increase in the Buffalo County Assessor’s Office valuation. The difference in the growth percentages could be attributed to the fact that Meister’s sample is totally residential property while Meusch’s overall assessed valuation includes all property classes, including agricultural, commercial and residential.
Meusch said irrigated cropland increased in value by 15%; commercial rose 13.36% and residential went up 10.5%.
Compared to Meister’s sample, the assessor’s office residential valuation is .82 percentage points higher.
Speaking as a Realtor and as a member of the advisory committee appointed to assist former Assessor Ethel Skinner, Meister said people can get upset easily if they believe their assessed valuation might unfairly increase their property taxes. “As you know, in our area rumor can spread like wildfire and truth – with empirical evidence – is very difficult to get people to share,” Meister said.
“I think for the most part, I can say that anecdotally the current efforts by the county assessor are a huge step in the right direction as far as getting the assessed values in line with the actual market values for our area,” Meister said, pointing to the years when Buffalo County hired referees to conduct property valuation protests. During that spell from 2016-2020 the county fielded 1,700 to 2,500 protests per year.
“We have a long way to go, but we have made great strides this year,“ Meister said.
Meusch said sales for irrigated ag land were up around the state and influenced Buffalo County’s 15% valuation increase. Buffalo County’s commercial property overall is worth $13,040,774, an increase of 13.36% compared to 2022. Overall, residential property is worth $33,286,687, an increase of 10.5%.
According to preliminary figures, Buffalo County’s overall total tax base is $66,927,965, or 11.4% more than last year’s $60,038,787.
The tax base for Kearney Public Schools will be $42,821,373, a 10.29% increase. The city of Kearney total valuation will be $31,702,088, up 6.74% from 2022.
Meusch said property owners will receive yellow postcards in early June alerting them about the final values of their property.
After getting their yellow cards, those wishing to protest the valuation can file from June 1-30. The county board has until July 25 to hear all protests.
Meusch said that this year all 12,000 residential properties in Kearney and Buffalo County’s towns were reassessed. In 2023, he plans to reset valuations for all of the county’s rural residences.
Another goal will be to continue educating property owners about the valuation process.
“I think the property owners knew there were some problems,” Meusch said. “In the end we want their values to look like what they could sell their property for.”
