Market Trends and Key Changes
Benton County has witnessed a significant surge in property values, with increases exceeding 66% over the last four years. This jump is largely attributed to the high demand and limited supply of properties in the area. Homeowners are facing increased taxable values, but there is protection from drastic increases due to Amendment 79, which caps the annual rise at 5% for homestead properties.
County officials have reassessed property values to keep up with the current market conditions. This change is reflected in the new property value assessments that residents have received. For those who disagree with their assessments, there is an option to appeal to the Benton County Board of Equalization.
Insurance Implications and Fraud Concerns
Insurance agents emphasize the need to consider the new property values when determining homeowners’ insurance coverage. This is because the cost to rebuild a house at current prices is crucial, rather than relying on the lower values from previous assessments.
Additionally, there are concerns about real estate fraud, particularly seller impersonation fraud. Scammers have been posing as property owners, using illegal means to gather identification and sell properties without the owner’s knowledge. Residents are urged to be vigilant for signs of such fraud.
Assessor’s Accommodations and Future Plans
Benton County Assessor Roderick Grieve explained that the reappraisal cycle has changed from alternating between three and five years to every four years. This assures that property values reflect the current market. The next countywide reappraisal is scheduled for 2028.
Grieve encourages those unhappy with their assessments to contact the assessor’s office for an informal review. This can help to resolve any issues before the formal appeal process.
