Kimball County property valuations increase significantly in 2023, taxes may not however

Nearly 3,600 Kimball County property owners have, or will soon be receiving updated valuations for their property. Many citizens are finding their property value has increased significantly for 2023 and fear their property taxes will be unaffordable.

We sat down with Kimball County Assessor Sherry Winstrom to learn more about the increased valuations here in Kimball County. It turns out that Nebraska state statute actually dictates the valuation process, and there are a few reasons you are seeing an increase this year. 

It is a sellers market. Almost everywhere, but especially in Kimball County. Housing prices are at record levels. State statute requires residential homes and commercial properties to be valued at 100% of their market value with agricultural properties valued at between 69% and 75% of their market value.

The rising housing costs will have another effect on your valuation this year, as it is the first year for new 2022 cost tables. Cost tables are updated every six years, so until now, pricing has been based on the 2016 cost tables.

The total value of county properties has increased by nearly $54 million in 2023. This could be good news for taxpayers as the tax levy may be smaller when the budget is set by the county commissioners in October. More than 13 entities benefit from property taxes but there are tools in place to keep them from taking advantage of higher property values. The post card bill, passed last year by the state legislature requires any government entity that exceeds its budget by more than 3% is required to hold public hearings on the reasons behind the excess spending.

Of course citizens cannot dispute the taxes so it is important to dispute your valuation if you feel it is unfair and unequal. Windstorm recommends going to the assessor’s office and going over property record cards to make sure the data is correct.  A physical inspection may be required if data is incorrect on their property. If that does not resolve the matter you may file a protest of your valuation.

Citizens over 65 and certain disabled individuals may take advantage of the Homestead Exemption which allows for one house, one garage, one shed and one acre of land to to be reduced in taxable value.