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City staff: 77% of homestead parcels saw assessment decreases; commissioners attribute drop to market correction
Summary
City Manager Sammy Ridge said 77% of homestead parcels experienced a decrease in assessed value from 2025 to 2026; commissioners and participants discussed COVID-era price spikes and a market correction as drivers.
City Manager Sammy Ridge told the commission that of the city's 15,404 real property parcels, 5,949 saw a decrease in assessed value between 2025 and 2026, and that 77% of homestead parcels were down on assessment. Commissioners and attendees described the shift as a market correction after COVID-era price inflation in construction and sales comps.
One commissioner noted that residents' personal assessments had gone down and that an abundance of inventory may be helping prices settle. Ridge said the city does not control assessments and that the state audit process constrains how assessments are set, but he welcomed further commissioner questions and data requests to clarify trends.
