The Platte County clerk presented the assessed valuation report for 2007 to the county commissioners on Thursday. The report showed the new valuation totals for property in the county.
According to the report, the total assessed valuation of properties in the county is more than $1.9 billion. The value is an increase of more than $287 million from 2006, a rise of about 15%.
Overall the largest increase in value came from the residential real estate assessment. The value jumped more than $200 million to $1.06 billion for 2007, no doubt as a result of reassessment conducted for this year.
The assessed value of residential real estate is gathered by taking 19 percent of the market value for a residence.
According to the Platte County assessor’s website, real property is reassessed every odd-numbered year. New construction is assessed every even-numbered year.
In the county as a whole, the value of agricultural real estate decreased by $119,000 to $12 million from last year. Assessment values for agriculture real estate are 12 percent of the actual market value.
The assessed value of personal property increased by more than $34.4 million to reach $355 million. Personal property includes vehicles, boats, farm equipment, and livestock.
Commercial properties increased in assessed value by $22 million from 2006, becoming more than $381 million. Taking 32 percent of the market value for commercial property results in the total assessed value.
Now that the Platte County Commission has approved the assessment values, the information can be used to help set the levy amounts for the next year.
Levy rates are set by various entities in part based on the assessed values. Taxing entities include school districts, water districts, and fire districts.