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Property value soars
POCATELLO - Property valuation in Bannock County increased by nearly half a billion dollars in 2007, according to recently released records.
Bannock County Controller Pat Wilson said the county's valuation usually goes up by 3 percent every year, but this year it climbed 11.6 percent. Most of that increase was due to healthy development of both commercial and personal properties in the county, especially in Pocatello and Chubbuck, said Bannock County Assessor JoLynn Anderson. ''All of a sudden, this area blossomed,'' Anderson said. ''That's a big factor in the rising value.''
The increase in assessed valuation could lead to a decrease in the county's tax levy, but that decrease is contingent on the funds required by the county's tax districts. ''The levy is determined by a tax district's need for dollars divided by the total assessed valuation,'' Wilson said. ''The more valuation the county has, the lower your levy could be.''
The county's current levy, rounded to the nearest hundredth, is .005. Tax districts have already turned in their L2 applications - requests for property tax dollars - to the county. A public budget hearing was hosted by Bannock County on Aug. 24 in which tax districts had to report and defend their budget requests.
Wilson is in the process of computing the requests with the county's valuation increase, which will provide the new tax levy. ''We're all holding our breath to see what the tax districts do,'' Anderson said. ''We're hoping nobody gets greedy about the money they ask for.''
Anderson said that the county's total value increased from $3.6 billion to $4.2 billion. BY ADAM CHAMBERS achambers@journalnet.com
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