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Pine County assessor outlines methodology, says recreational land is driving values
Summary
Pine County Assessor Troy Stewart told the Board of Review on April 14 that 2026 valuations are based on sales from Oct. 1, 2024, to Sept. 30, 2025, the state target ratio is 90–105%, and recreational land is lifting values; the assessor provided standard land and site-improvement values.
Pine County Assessor Troy Stewart told the Board of Review and Equalization on April 14, 2026, that the county bases 2026 property valuations on sales from Oct. 1, 2024, through Sept. 30, 2025, and that state guidance requires the sales ratio be between 90 and 105 percent.
Stewart explained that the county groups properties by classification — residential/seasonal under 34.5 acres, larger parcels over 34.5 acres, commercial, industrial and apartments — and that valuations should generally be based on six or more comparable sales by class. He warned the board the county is using older sales data and is "always trying to play catchup," and said recreational land demand is currently driving market values.
The assessor presented standard land-value benchmarks and site-improvement figures the county applies in calculations: Building site – 1st acre $40,000; Tillable: 2026 value listed at $3,000 per acre (previous years shown for context); Pasture/Woodland: 2026 $3,300 per acre; Waste/Swamp: 2026 $800 per acre; Site improvements shown included gravel ($20,000–$25,000) and blacktop ($25,000–$30,000).
The board did not take formal action on valuation methodology at the meeting; assessors said these benchmarks are used to calibrate assessments and that individual property appeals remain possible.
