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http://www.omniture.com --> Sections Home Page Local News AP News Archives Business Classifieds Event Calendar Forums Life Opinion Obituaries Photo Gallery Readers Photo Gallery Sports Tempo Weather Special Coverage 2006 Britt Festivals --> Shop Our Valley AutoFinder HomeFinder JobFinder Search Our Valley Special Sections Readers' Choice Homelife Magazine Joy Magazine Neighborhoods Employment Guide Oregon Golf Info Oregon Wine Info Other Publications Local Links Ashland News eSouthernOregon Newspapers In Education Personals Moving Here Movie Listings TV Listings Volunteer Customer Service Advertise With Us Media Kit Place Classified Ad Contact Us FAQ's Home Delivery Site Map --> Email Story to a Friend October 27, 2006 County property values increase Property owners to receive tax statements this week By Damian Mann Mail Tribune Propelled by a strong housing market, Jackson County property values jumped a record 23 percent over last year. The Jackson County Assessor's Office, which mailed out property tax statements this week, reported the total value of all properties in the county at $28.8 billion, compared to $23.5 billion in the 2005-06 tax year. Last year's totals represented a 17 percent increase over the previous year. "It's a lot of value," said Scott Fraedrick, chief appraiser for the Assessor's Office, who said he hasn't seen a larger increase in Jackson County. But it is still less than fast-growing Deschutes County, where the value of all property jumped 35 percent, said Fraedrick. Almost 100,000 property owners will be receiving tax statements this week that will generate $195 million to fund fire departments, schools, city needs and county and urban renewal efforts. Advertisement Many Central Point property owners will have the distinction of paying the highest rates in Jackson County this year at $17 for every $1,000 of assessed valuation. The county has 40 taxing districts, such as Rogue Community College, the Medford School District and Fire District 3. Some of the districts also have bonds or levies that make up the tax bill. County Assessor Dan Ross said most residents will see a 3 percent increase in property taxes this year, the maximum allotted under Measure 50, which passed in 1997. However, some properties will see higher bills if there has been new construction or remodeling. The Assessor's Office began a program this year to reappraise properties that have had remodeling that hasn't yet been reported. The total assessed value for all properties, as opposed to the real market value, increased from $13 billion to $13.8 billion, or 6.2 percent. The assessed value is the amount used to calculate how much a property owner pays in taxes. The Assessor's Office uses a complicated formula to come up with the assessed value that takes into account many factors, including the real market value. Assessed valuation is averaging about 52 percent less than real market value. For example, on every $100,000 of real market value, a property owner on average would pay his taxes based on $48,000. Ross said the county reappraised properties in January. Since then, the real estate market has cooled off. So Ross' estimates could be higher than what the homes would sell for today. "We have probably overshot a few this year," he said. In January, the real market value of many properties could be adjusted downward to reflect current market conditions, he said. That won't translate into lower taxes unless market values drop more than 50 percent, said Ross. "It won't affect the assessed value," he said. "It just clocks along at 3 percent." Reach reporter Damian Mann at 776-4476 or [email protected] . Would you like to respond to this story? If so Click Here to visit our forums. Advertisement Copyright © 1997-2006 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback online casinos news Home Security Systems Online Casino Reviews Men's Clothing GMAT Prep Fundraisers UK Homeowner Loans Discount Hotel Reservations Send Flowers Casinos Canada Texas Electric Choice Compare Electric rates in Texas Windermere Van Vleet Trunks, Footlocker Online poker at AbsolutePoker.com