Bannock County property values expected to rise in 2025 following state study
Sam Ross
POCATELLO, Idaho (KIFI)– The Bannock County Assessor’s Office announced property values may rise around the area after a study by the Idaho State Tax Commission found Bannock County prices fell below market real estate prices.
County property values are required by Idaho State law to fall within 90% to 110% of ‘actual market values’–determined by an annual study by the State Tax Commission comparing property value assessments to real estate market prices.
This year, the study found Bannock County property values had dropped below 90% of actual market values due to a continued rise in real estate costs around Idaho. Bannock County Assessor Anita Hymas said they will need to reevaluate and raise property values to remain in compliance with state law.
“I stayed conservative last year at 92%, and, unfortunately, real estate sales are still going up a little bit,” said Hymas. “…They are definitely still going up, which took us out of compliance… I have to bring them back up into the 90% to 110% range… I’m trying to be conservative so that we can keep values a little bit down.”
Hymas said an increase in property value does not necessarily mean an increase in property tax rates. Property taxes will depend on local budget decisions and levy rates set later this year.
But, in an effort to remain equitable under the possibility of increased tax rates later this year, the Bannock County Assessor’s Office plans to increase property values for commercial and residential properties together, which would offset any major tax increases for residential property owners.
Property owners who disagree with their assessed value have the right to appeal through the Board of Equalization. Anyone wishing to appeal their assessed property value is encouraged to visit the Bannock County Assessor’s Office and speak with an appraiser.
For more information, you can visit the Bannock County Assessor’s Office website.