S Oregon Real Estate Forum, October 17, 2018
Property tax statements are in the mail and should be arriving to thousands of property owners in the next few weeks. These statement will provide you with a new Real Market Value, established by Jackson County officials, as of January 1, 2018. The overall Real Market Value is up. We know because Dave Arrasmith, Jackson County Assessor, shared the info on last week’s Real Estate Show.
Dave Arrasmith, JC County Assessor, and Alice Lema, JLS Agent at KCMX Studio.Watch the show, available on You Tube.
What’s concerning is that Real Market Value is up 11% overall in Jackson County. This comes on top of an 11% overall increase in 2017.These numbers shows that real estate value increased in Jackson County by $3Billion dollars from the previous year. As for property taxes, well they also increased by 5%. Most of you will see the usual 3% automatic increase in property taxes, but why has the overall assessed valuation increase by 5%?
Assessed value increased above 3% is due to increased new home construction and commercial activity like Costco This created additional value for the land, thereby adding higher taxable property to the tax base.
This information has not been released to the public yet until tax statements arrive.
Last week in Real Estate is reported below. Activity continues at a brisk pace despite higher interest rates and increased inventory.
Join us this Saturday 10 am KCMX AM 880 for “Mud and Manure” that’s right, Clint Nichols, Jackson Soil and Water Conservation District, shares information about horse properties and what buyers and sellers need to know regarding issues that come up after a sale.
Pretty interesting topic, Remember there are thousands of so-called horse properties in S Oregon. They are not equal. So don’t be left behind by the latest technology making its impact on horse properties.
Finally, we know that inventory has expanded across all price ranges. It’s interest rates that are having the biggest effect on the market today.
You see the range above for this past week. Interest rates have risen three times in 2018 and are up 15.4% since a year ago. Buyers and sellers both need to be aware as higher interest rates are changing our market.
Have a great week.
Be sure to contact me with any questions you have about our real estate market.
541 621 7036
Have a great week!