Property Values Remain Virtually Unchanged

Last week in a regular monthly meeting the Board of Assessors (BOA) voted unanimously to approve the 2014 Proposed Value Changes, which actually proposed no changes, for properties in Jasper County. The last time this occurred was in 2009, prior to which values had steadily climbed on an annual rate. Then beginning with 2010 there was a four-year period during which values decreased.

Some see this “No Change” as a sign that the decline of property values in the county has reach an apex.

Chief Appraiser Lynn M. Bentley wrote, “Hopefully, we will begin to see property values appreciating again. We certainly have a positive trend with bank sales; there were 45 percent fewer in 2013 compared to 2012. There is an increase in the number of sales also. The total number of sales is up 15 percent from the previous year.

“Also, Jasper County was a year behind our metro neighbors before we saw declining values. Possibly, it will be the same with a trend upward. I have spoken with Morgan and Newton Counties and they both plan on implementing value increases for 2014. Additionally, the S&P Case-Shiller Home Price Index for the Atlanta area shows a 16 percent increase from December 2012 through December 2013.

“There were some sales above and below current values in a few other neighborhoods and with some areas of rural land also. But I feel it would be wise to wait and see what next year brings. I wouldn’t want to implement decreases this year only to have to increase the very next year. And for the ones that did sell over current values, we will see if the trend holds and implement increases next year.”

The information provided to the BOA prompting their approval included the following:

Rural Land—no proposed changes: In almost each group of land there were an equal amount of sales above and below than the current value. Examples include the following:

•Thirty acres on paved road in North Jasper with a current value of $3,200 per acre had sales of $2,800, $3,100, $3,700 and $4,000.

•One hundred acres on unpaved road in North Jasper with a current value of $1,850 per acre had sales of $2,100 and $1,600

•Five acres on unpaved road in North Jasper with a current value of $3,700 per acre had sales of $3,200 and $4,000.

•Thirty acres on unpaved road in South Jasper with a current value of $2,560 per acre had sales of $2,900 and $2,100.

Urban Land with changes recommended:

• The vacant land sales have increased for Barnes Mountain Farms and Deep Lake Farms. There are 13 sales which indicate that land is now selling for $5,700 per acre. This is up from $5,000 for Barnes Mountain and $5,200 for Deep Lake Farms. There is an adjustment for tracts over five acres.

Urban Land with no recommended changes:

•Interior sales in Turtle Cove held steady again this year. Like last year, the median sale price was in the mid $60s with several sales in the $70s.

•There were nine lakefront sales in Turtle Cove and six of those sold within five percent of the current value.

•There were also sales close to current values in Alcovy Shores Lakefront, Broughton Junction, Whispering Pines, Cedar Creek, Forest Glen and Hawk’s nest.

Commercial/Industrial Land:

•No changes were recommended. There were seven sales of which four sold within 10 percent of the current values.

The BOA is scheduled to meet again on April 8 to vote on assessments being sent out the following week.