HORACE, ND (Valley News Live) - Some homeowners say they were shocked to find a dramatic jump in their most recent real estate assessment notice.
"From last year to this year, $42,500,” said Becky Disher of Horace. “And that's even kind of small compared to what some of the other people in this area are getting."
Disher says her family originally moved to the area because of its affordability.
Some people have told her they are seeing increases up to $93,500 this year alone.
Many are left wondering how this sudden increase will impact their property taxes.
"The letter says that an increase in the property value does not necessarily mean you're going to have an increase in your taxes, but that naturally comes next," Disher said.
According to Zillow.com, some homes in the Valley have already seen the impact, with more than a 100% increase in their tax assessment in recent years.
"For some people, the taxes are going to price them out out of their homes,” Disher said. “There are people within the next couple of streets that have left or have their homes for sale strictly because of the taxes."
Shane Cullen with Fargo-Moorhead Area Association-Realtors explains that the demand for entry-level homes is up and the supply is not matching that demand, so the prices are going up.
"Those prices are going to continue to steadily go up as long as the market value goes up,” Cullen said. “Short answer would be that they will stop going up when the home value stops appreciating."
One thing you can do is challenge your recent increases and have the assessment looked at. This will ensure that if there is an increase, it is accurate.
Cullen also suggested bringing concerns to local officials.