Ask Mr. Answer Person: Why has the land portion of my property assessment gone up so much?

(Mr. Answer Person continues to receive e-mails in the wake of the countywide revaluation of property assessments in Winneshiek County.  If you own residential property in the county, there are two parts to your total assessed value--the value of your home and the value of the property your home sits on.  Several readers have questioned large jumps in the assessed valuations of the property their home sits on.)

Mr. Answer Person says: "Every residential property in Winneshiek County has been part of the complete revaluation.  'Our residential land values were low,' says County Assessor Jim Alstad.

So how are the assessed valuations of residential property determined?  Alstad says his office compares residential properties that have been sold recently.  If the homes are roughly the same, but the lots are different, those figures can be used to determine the value of residential property.

Alstad says front footage is most important to buyers when it comes to residential lots.  'Two-thirds of the value of a lot comes from the front third of the lot,' he says.  Other factors also come into play, such as whether there is sewer and water service to the lot, or whether septic and wells have to be installed.

Several people have questioned why residential lot valuations (and commercial lot valuations) have been increasing while agricultural property valuations have been decreasing.  However, it's like the lyrics to the Sesame Street song: 'One of these things is not like the others.'  Residential lot valuations and commercial lot valuations are based on sale values.  Agricultural land valuations are based on a five-year record of profitability of agricultural land.  As corn prices and other commodity prices have fallen and farmers have been making less profit on their crops, the valuations of agricultural property have fallen.

If you still think your latest property valuation is too high, you can file an appeal during April, with hearing to be held in May."