Farmland values show 7% dip
By Seth Schmidt
Lyon County farmland values showed an average decline of 7% in valuation notices mailed by the Lyon County assessor’s office last week.
The new valuations, which will be used to calculate real estate taxes payable in 2016, put a halt to years of steady increases in the county’s ag land values. A year ago, Lyon County’s estimated farmland values increased 10 to 14%.
The decline in assessed farmland values is the first in at least 25 years for Lyon County.
“It’s been quite a few years since we’ve had values go down for tillable acres,” reports Dean Champine, Lyon County assessor. The last time that happened, he said, was in the late 1980s.
Deeded ag land in Lyon County now has an average estimated market value of $7,300 an acre.
The lower agricultural land values contributed to a decline in Lyon County’s real estate valuations overall. Champine said the estimated market value of all real estate in the county declined by about $170 million, from $4.5 billion in 2015 to $4.33 billion for taxes payable in 2016.
Tracy values flat
Champine said that 2015 estimated market values for Tracy real estate remain about the same. Sale prices of 30 Tracy property transactions were close to 100% of estimated market values during the 12 months between Oct. 1, 2013 and Sept. 30, 2014, according to the assessor. Because of the close ratio of sale prices to valuations, very few adjustments were made in the most recent estimated market values, Champine said, for both commercial and residential properties.
Estimated market values for all Tracy real estate increased from $59 million to $59,680,000 for taxes payable in 2016. About $500,000 of that increase, Champine said, was due to new construction.
Tracy property owners can appeal their 2015 estimated market values at an April 28, 7 p.m. public hearing at Tracy City Hall.