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City assessor reports year‑five reappraisal progress, true & full value up about 4.36%
Summary
The city assessor told the Board of Equalization the assessing department reappraised 2,009 properties during year five of a six‑year reappraisal cycle, reported sales‑ratio statistics near state targets and presented preliminary true and full values showing an overall increase of about 4.36% over the prior year.
At its Board of Equalization meeting the city assessor presented 2024 reappraisal results and related statistics, and the board received one formal protest that will be heard April 21.
Assessor Tammy Lazur told the board the department completed exterior inspections and data updates on 2,009 properties during the fifth year of the city’s six‑year cyclical reappraisal program and that the department analyzes sales‑ratio data to set market adjustments.
Key ratios and values: Lazur presented sales‑ratio statistics showing the median assessed‑to‑sales ratio around the 90% range in the initial sample and market‑adjusted median ratios in the mid‑90s (the assessor cited commercial median around 94.98% and residential median about 94.33% after adjustments). The assessor said coefficient of dispersion (COD) and price‑related differential (PRD) indicators are within professional standards used by the International Association of Assessing Officers.
True and full value: Lazur said preliminary calculations show the city’s true and full value increased approximately 4.36% year over year, producing a preliminary taxable value in the range reported to the board (the assessor cited a preliminary taxable value of roughly $302,178,160 on true and full value of approximately $6,425,514,000).
Homestead credit and exemptions: Lazur reported the state Homestead Credit program payments to local homeowners increased compared with prior years; she said applications have risen since the program expanded the eligibility amount. She reviewed non‑discretionary (state‑required) exemptions and the city’s discretionary exemptions such as remodel, new‑owner and new‑business pilot exemptions.
Formal protests and next steps: The board received one formal protest for 314 Reeves Drive and set a reconvened Board of Equalization hearing for April 21 to hear the protest. Lazur said the assessing department will continue to monitor housing construction trends, costs of construction and sales volumes for next year’s reappraisal work.
Provenance: Board of Equalization and City Council informational presentations, 04/07/2025; Assessor Tammy Lazur’s report and Q&A.
