Homeowners in Ada and Canyon counties are once again seeing significant increases to their property values this year.
Canyon County homeowners will see the largest bump in their property’s assessed value. The median increase there is up by 42%.
But, as the Idaho Statesman first reported, someone’s assessed value in the county could be 60% higher than last year, depending on where they live.
Canyon County’s deputy assessor told the newspaper they underestimated how strong the real estate market would be during the coronavirus pandemic and didn’t assess values high enough last year.
Homes in Ada County will also see a sizable uptick in value.
The median valuation in Idaho’s most populous county rose by 30%, with houses in the suburbs making up much of that growth.
Eagle saw the biggest leap with a 36% median increase, according to data from the Ada County Assessor’s office. Star was close behind with a 35% jump.
For the entire county, the average assessed property came in just shy of $600,000. That tracks with an April 2022 report from Boise Regional Realtors putting the median sales price in Ada County at $595,000.
These increases shouldn’t be confused with how much your property tax bill might go up.
Cities, counties and other taxing districts will use this data to set their rates later this year.
Last month, a report by Moody’s Analytics named Boise as the most overvalued metro housing market in the country. Based on historical prices, the analysis found Boise to be 73% overvalued.
Several other Idaho cities made the top 25 list, including Coeur d’Alene, Pocatello and Idaho Falls.
Real estate agents told the Idaho Statesman demand for homes at their current prices seem to be tapering off. They blame the drop in offers on substantially higher mortgage rates.
On Thursday, Freddie Mac, the federal mortgage financier, said the average interest rate on a 30-year fixed loan in the U.S. was 5.09%.
While far from historical highs, in the early 1980s, that figure was just 2.99% one year ago, meaning average monthly payments and the total amount of a mortgage is much more expensive than in 2021.
Follow James Dawson on Twitter @RadioDawson for more local news.
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