Property Values Continue to Drop
The former Tillman House Restaurant on West Washington Street was offered at a recent “Sheriff’s Sale” for approximately $16,000, but there were no takers.
As a result, at the regular monthly meeting of the Board of Assessors (BOA) last Thursday, March 22, the board approved the reduction of the Fair Market Value of the property from $107,300 to $60,100. The consequence of this action will most likely result in another “Sheriff’s Sale” at a reduced price in the future. It should be made note that the parking lot on the west side of the building is not part of the property.
Chief Appraiser Lynn Bentley presented the BOA with proposed value changes for 2012 in the form of a 2012 Digest-Summary of Value Adjustments, which was approved unanimously. At the next regular meeting scheduled for Thursday, April 12, the BOA will vote on sending out assessment notices reflecting the new assessed values of all properties in the county.
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The 2012 Digest-Summary of Value Adjustments presented by Ms. Bentley included the following:
•Rural Land: All rural land in the county was reduced five percent, compared to 20 percent last year, which is an indication of values beginning to stabilize. Vacant land sales were fairly close to the current valuation.
•Residential Structures: All were depreciated for age. Houses on rural land reduced 10 percent. Houses on residential land reduced from five to 10 percent, depending on sales in the area. Turtle Cove interior houses are now receiving the largest adjustment in the county. In the last three years those houses have lost 45 percent of their value.
•Residential Land: Five acre subdivisions did not see a reduction last year, but this year the sellers are reducing their prices. These are mostly owner finance sales.
The one bright spot was new subdivisions—established subdivisions such as Ashwood Meadows and Jones Estates will not be seeing reductions this year. There were six sales in these areas and the sale prices were very close to the current valuations. These have seen the greatest reductions in the past three years and the market seems to have caught up with those.
In the empty subdivisions, however, lot values were lowered. Interior lots in lake neighborhoods were mostly reduced. Turtle Cove interior lots are now valued at $1,000, based on nine sales ranging from $2,500 to $500. Lake neighborhoods—only Turtle Cove lots will be decreased. There were sales in Southern Pines and Alcovy Shores that did not indicate a reduction for the lots.
•Monticello—some lot values decreased to be in line with lower priced areas. Developments valued by acre—values were adjusted to be in line with rural land schedule, unless sales indicated otherwise.
•Commercial/Industrial: There was only one commercial land sale in 2011. It sold for more than the current valuation and no changes were recommended. Last year’s information—there were no local sales for industrial, however, a statewide analysis for sales indicated industrial properties selling for $21 to $36 per square foot based on size. Of the county’s 24 industrial properties, 18 are currently valued under $36 a square foot with the median being $14 per square foot. No adjustments were recommended for industrial.
In other action the BOA unanimously approved the Conservation Renewals for Jackie Beachman, Shirley and William Stephens, Clayton Bell, David and Kristina Crumpler and Louise and William Pack. They also unanimously approved the New Conservation of Janice and Nesbit Morris. In addition, the Conservation Continuations were unanimously approved for Leslie Sparks and Georgia Timber Holding LLC.
