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Council adopts 2025 tax equalization after hearing assessor's report showing 10.6% market-value gain
Summary
City assessor presented the 2025 tax equalization report showing a $41.95 million, 10.6% increase in market value driven by annexation and market adjustments; the council approved three statutory findings and adopted the assessment roll.
The Lakehead City Council voted to adopt the city's 2025 assessment roll after hearing a presentation from the assessor on April 17, 2025.
Al Biegmeyer, the city assessor, told the council the city's total true and full market value rose by $41,952,200, a 10.6% increase from the prior year. Biegmeyer attributed most of the change to annexations and market adjustments: annexation of parcels in Section 17 added $14,014,300 in value and residential structure increases from new construction and market adjustments accounted for roughly $26,427,700.
The report identified 49 residential sales from the prior year that the assessor characterized as arms-length and suitable for ratio studies. The city's residential median sales ratio was reported at about 83%, below the 90% target the assessor said is sought for the countywide study; the assessor said that statutory requirements and ratio-analysis practices drive part of the needed increase.
Biegmeyer described classification changes and market-value adjustments across categories: annexed agricultural land rose by $222,800; residential lots increased by $410,400 (partly from reclassification when houses were built on lots); commercial annexation and market adjustments added roughly $3,191,000 and other commercial changes totaled about $12,700,300.
After questions from council members about notices to property owners and out-of-sequence improvements, the council approved three formal findings that the assessor had (1) reviewed all classifications and corrected them as noted, (2) reviewed exemptions and credits (homestead, veterans, blind/wheelchair exemptions, and nonprofit exemptions) and found them proper or corrected them as noted, and (3) reviewed the overall assessment roll for 2025 and found it proper as assessed or corrected as noted. Following those findings, the council moved to declare the assessment roll for 2025 adopted for the City of Lincoln.
Council action: motions to adopt each finding and to adopt the assessment roll were moved and seconded and carried on voice roll calls.
Why it matters: the increased assessed value affects the city's tax base and budgeting calculations because newly annexed property and market-driven value increases factor into revenue projections used in upcoming budget work.
The assessor invited property owners with questions to request in-person reviews and said staff will follow up on notices sent to about 70 property owners this cycle. The council did not refer any appeals to special review at the meeting.
The council did not set budget figures during the hearing; members noted the assessment report is one input for budget discussions planned later this year.
