WE WILL HAVE COVERAGE OF THAT FOR YOU TOO. A REAPPRAISAL OF REAL ESTATE PROPERTIES IN BENTON COUNTY HAS MADE MANY PEOPLE FRUSTRATED WITH RISING COSTS. 40/29’S ABNER SOSA TALKED TO THE COUNTY ASSESSOR ABOUT WHY PRICES ARE GOING UP. <> IF YOU LIVE IN BENTON COUNTY – YOU MAY HAVE GOTTEN A NOTICE IN THE MAIL TELLING YOU YOUR PROPERTY VALUE HAS GONE UP. THIS LIKELY MEANS YOU’LL BE PAYING MORE FOR TAXES. <> “The county is taking too much. You know, they shouldn’t be paying that much in my situation. the military is kind of on 40% disability. // I don’t think it’s correct what they’re doing.” <> “In this market, it is very active. and it’s an appreciating market. Prices and values are going up.” BENTON COUNTY HAS COMPLETED ITS REAL ESTATE PROPERTY RE- APPRAISAL. THE ASSESSOR SAYS IT’S DONE TO REFLECT CURRENT MARKET CONDITIONS. BUT AS PROPERTY VALUES GO UP — SO DO TAXABLE VALUES. THAT’S THE MONEY YOU PAY THE COUNTY. <> “Your, appraised or market value could quadruple between appraisals countywide re appraisals. But your taxable value is protected by amendment 79, which protects the property owner from large dramatic increases in the real estate market.” RODERICK GRIEVE SAYS TAXABLE VALUE CAN ONLY GO UP A MAXIMUM OF 5% EACH YEAR FOR HOMESTEAD PROPERTIES. GRIEVE EXPLAINED WHAT HAPPENS WITH THE MONEY YOU PAY. <> “There’s three taxing authorities in Benton County. There’s a school districts, there’s a municipalities and there’s the county. Now, the school districts get the lion’s share of the, tax dollar that’s generated through property tax. They get a little over 80% of that.” HE SAYS THE COUNTY AND MUNICIPALITIES EACH GET LESS THAN 10%. <> IF YOU FEEL LIKE YOU’RE PAYING TOO MUCH – TH
People in Benton County face higher taxes amid property value reappraisal
The county assessor says appraisals are done so counties can keep up with increasing property values.
Updated: 5:49 PM CDT Jul 18, 2024
Many people in Benton County may be frustrated by rising real estate costs. It comes after a countywide property reappraisal. The county assessor says appraisals are done so counties can keep up with increasing property values.People who live in the county shared their concerns.”They just did a reevaluation and I feel what they’re doing is, they’re taking too much out of me, you know? I’m, you know, nothing spectacular or anything else like that, but I think they messed up,” said Terry Boatman.Officials said the real estate property reappraisal used to alternate between three years and five years. Now, the state says every county will reappraise every four years.”Our last countywide appraisal was in 2021. We’re on a three-year cycle. This is the end of that three-year cycle, 2024. Our next countywide reappraisal will be in 2028,” said Benton County Assessor Roderick Grieve.Grieve said the reappraisals are done to reflect current market conditions. He said as property values go up, so do taxable values. That’s the money you pay the county.”In 2021, they went up about 50%. Overall, this time, it’s about 66%. And that is just based on current market conditions. It’s what properties are doing out there right now. As I said, limited supply, high demand, prices and values go up,” Grieve said.Grieve said taxable value can only go up a maximum of 5% each year for homestead properties. That’s because of Amendment 79, which protects property owners from dramatic increases in the real estate market.Grieve explained what to do if you don’t agree with your property value assessment.”If they disagree with the value we placed on their property, what they need to do is call us. We’ll do an informal review with an appraiser, and if they are still dissatisfied after that, then they can file a formal appeal with the Benton County Board of Equalization,” Grieve said.If you need help determining how much you’ll need to pay this year, information is available on the Benton County assessor webpage.
Many people in Benton County may be frustrated by rising real estate costs. It comes after a countywide property reappraisal. The county assessor says appraisals are done so counties can keep up with increasing property values.
People who live in the county shared their concerns.
“They just did a reevaluation and I feel what they’re doing is, they’re taking too much out of me, you know? I’m, you know, nothing spectacular or anything else like that, but I think they messed up,” said Terry Boatman.
Officials said the real estate property reappraisal used to alternate between three years and five years. Now, the state says every county will reappraise every four years.
“Our last countywide appraisal was in 2021. We’re on a three-year cycle. This is the end of that three-year cycle, 2024. Our next countywide reappraisal will be in 2028,” said Benton County Assessor Roderick Grieve.
Grieve said the reappraisals are done to reflect current market conditions. He said as property values go up, so do taxable values. That’s the money you pay the county.
“In 2021, they went up about 50%. Overall, this time, it’s about 66%. And that is just based on current market conditions. It’s what properties are doing out there right now. As I said, limited supply, high demand, prices and values go up,” Grieve said.
Grieve said taxable value can only go up a maximum of 5% each year for homestead properties. That’s because of Amendment 79, which protects property owners from dramatic increases in the real estate market.
Grieve explained what to do if you don’t agree with your property value assessment.
“If they disagree with the value we placed on their property, what they need to do is call us. We’ll do an informal review with an appraiser, and if they are still dissatisfied after that, then they can file a formal appeal with the Benton County Board of Equalization,” Grieve said.
If you need help determining how much you’ll need to pay this year, information is available on the Benton County assessor webpage.
