Pocatello Board of Equalization adjusts property value after four-year stagnation

The Bannock County Board of Equalization convened on July 1, 2025, to address property valuation concerns and adjustments stemming from previous assessments. The meeting focused on a specific property that had not seen an increase in its assessed value for four years, despite market fluctuations.

The discussion began with a review of a previous Board of Equalization (BOE) decision made in 2021, which had inadvertently left the property at a static value. A recent report revealed this oversight, prompting the board to consider necessary adjustments. The property in question had experienced a significant increase in its improvement value, which had remained unchanged until now. The board acknowledged that the land value had fluctuated appropriately, but the house's value had stagnated.

A representative presented a comparison of the subject property with three similar homes in the area, noting that the assessed value per square foot for the comparables ranged from $141 to $156, while the subject property was assessed at $133 per square foot. The board discussed the challenges of finding accurate comparables due to the unique characteristics of the property and its location in Pocatello.

Concerns were raised about the implications of being the highest-valued home in the neighborhood, with board members expressing conflicting views on how neighborhood conditions should influence property assessments. One member pointed out that a nearby home with similar square footage was valued significantly lower, raising questions about the accuracy of the current assessment.

After thorough discussion, a motion was made to set the market value of the subject property at $465,600. The board members acknowledged the ongoing demand for homes in the area, despite some properties being newer or smaller. The motion received support, with members recognizing the need to adjust the property value after years without an increase.

The meeting concluded with a consensus on the importance of accurately reflecting property values in light of market trends, ensuring fairness in assessments moving forward. The board's decision marks a significant step in addressing past discrepancies and aligning property values with current market conditions.