Campbell County property values increasing, some up by 50%
CAMPBELL COUNTY, Ky. (WXIX) - An increase in Campbell County property values means homeowners will be paying more taxes to the government later this year.
Some property values are increasing by as much as 50%.
Once every four years, the Campbell County tax assessor looks into the property values in the county. The tax increase percentage is then based on the findings.
“The market is just pushing up and up, and we have to assess at market value, so therefore the values of the homes are going up,” explained Campbell County Property Valuation Administrator Daniel Braun.
Fort Thomas mortgage broker Lee Witte says he was notified on Monday his property value is up roughly 42%.
“I got a tax bill yesterday, a letter in the mail like everyone else in town, most people, and it said my property value is going to go up about $115,000,” explained Witte. “About a 42% increase.”
One of the hottest areas in the county is Fort Thomas, says Braun.
Depending on where you live in the county the averages are higher than it is in other areas.
In some neighborhoods, the increase could be as high as 60%.
Braun built his home in Alexandria in 2007 for $312,000, but two years ago it was appraised for $225,000.
He says the reason for the lower property value of his home is the structural drainage damage he had to deal with.
“We now have 48 or 52 helical pins anchoring the foundation to the bedrock so that it will not move anymore,” Braun said. “And I’ve had several realtors tell me that it would be almost impossible to sell the house.”
Despite a recent rise in mortgage interest rates, it is still a seller’s market, according to Braun.
For people like White, who don’t plan on moving anytime soon, a seller’s market does them no good.
“Knowing that I’m going to have to fork out an extra $2,200 year, you know, that’s a vacation, you know, that’s a... you can buy a lot of things with that kind of money,” Witte said.
Property owners do have a chance to appeal if they don’t agree with the property assessment. Owners will be expected to do research and present data after making an appointment with the Campbell County Property Evaluation Administrator.
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