Residential valuations in Rugby going up
Residential taxable valuations in the city of Rugby will be increase approximately six percent this year.
That’s the message city officials received at the annual tax equalization meeting on April 14.
Although the housing market has slowed over the past year, sale prices remain above the current taxable valuation, and that prompted tax officials to make the adjustment.
The median ratio of sales of residential property in Rugby last year was 90.1 percent of the appraised valuation. As a result, valuations need to be adjusted. “If we don’t raise them, the state will,’ said Karla Harmel, city auditor-administrator.
Residential property wasn’t the only type to see an increase. Commercial property is also up about 3.5 percent. Agriculture land in the city showed a decrease of 8 percent.
Wayne Stevenson, city tax director presented the valuatin and sales statistics at the meeting. The total difference in taxable valuation from 2008 to 2009 was increased by $4,345,995.
Stevenson also notified the council he did sent out letters to 44 properties which saw an increased valuation of 10 percent or more. That was mainly due to the purchase price or new construction completed on those properties.
Following the required time period for public comment, the council did approve the tax assessment as recommended by the director.
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