Steele County assessor reports valuation update; board approves valuations and farm exemptions

Steele County Assessor Casey presented the county’s annual equalization report on June 3 and the Board of Commissioners approved the valuations as presented and accepted the farm-exemption forms that had been returned.

Casey told the board that Vanguard, the county appraisal firm, updated its cost manual from a 2008 edition to a 2020 edition, which changed replacement-cost calculations. Staff adjusted values countywide and sent 230 increase notices; residential, commercial and agricultural categories are within state sales-ratio guidelines, Casey reported. The assessor also said the state’s primary residence credit (PRC) program saw increased filings and that the state adjusted the PRC amount from $500 to $1,600 (as noted in the meeting packet), which will reduce tax bills for eligible primary-residence filers.

Casey said the sales-ratio study results were: commercial about 90%, residential about 97% and agricultural land about 95% (county-wide summaries were provided to the board). The assessor reported an improved coefficient of dispersion (COD) and a price-related differential (PRD) near recommended ranges; Casey said the office plans to finish the remaining city assessments this year to keep valuation rotations consistent.

Commissioners voted to approve the valuations as presented and to accept the farm exemptions that were returned. The assessor asked the board to direct any property owners who had not yet returned required exemption paperwork to submit it or expect a base valuation to be set in future years if the forms are not filed.