ORIGINALLY WRITTEN DON RATZLAFF
An unscientific survey of property valuations in Hillsboro and Marion doesn’t reveal many clear patterns between last year and this year.
To get a feel for the general trend in valuation from last year, the Free Press selected three residences in five sectors of Hillsboro and three residences in four sectors in Marion and compared valuations for 2004 with 2003.
The residences were selected as a representative sampling of homes found in each sector, but without prior knowledge of their respective valuations.
The overall valuations of the 15 homes selected in Hillsboro increased by 0.9 percent in 2004 while the 12 homes selected in Marion held steady.
The average valuation of the 15 homes in Hillsboro was $116,617 in 2004 while the average valuation of the 12 homes in Marion was $69,292.
The valuation of a home is supposed to be its fair market value. A significant decrease in valuation may indicate that last year’s valuation was successfully challenged by the homeowner.
Following are the results of the survey by sector.
South (Carriage Hills): The three homes selected actually decreased in combined value by 0.6 percent, but that largely was due to a 2.8 percent reduction in one home. One of the homes saw an increase in valuation while the other was unchanged. The 2004 valuation of the homes averaged $206,800 compared to $208,113 in 2003.
East (Wilson through Eisenhower): The valuation of the three homes picked in this sector increased by 5.28 percent in 2004. Two of the three homes saw a higher valuation this year while third one was unchanged. The increase in one home, however, was nearly 19 percent. The 2004 valuation of the homes averaged $120,243 in 2004 compared to $113,910 in 2003.
West (Elm through Hickory): The valuation of the three homes picked in this sector increased by 1.24 percent in 2004. All three homes were valued higher this year. The 2004 valuation of the homes averaged $114,030 in 2004 compared to $112,627 in 2003.
Central (South Lincoln to South Ash from Grand through D): The valuation of the three homes picked in this sector stayed precisely the same in 2004-none of the homes experienced a change. The 2004 valuation of the homes averaged $88,466 in 2004 and 2003.
North (North Washington through North Jefferson from First Street): The valuation of the three homes picked in this sector decreased by an average of 0.49 percent in 2004. One home increased in value, one decreased and the third was unchanged. The 2004 valuation of the homes averaged $54,266 in 2004 compared to $54,516 in 2003.
West (West of First Street): The three homes selected in this area increased in combined value by about 6.7 percent-mostly because of a 13.7 percent increase in the highest valued home chosen. The valuations ranged from just over $13,000 to nearly $60,000. The average valuation in 2004 was $33,050.
North central (North of Main, from Elm to Roosevelt): The three homes actually decreased in combined value by 1.4 percent. Two of the homes decreased in assessed value while the third one rose slightly. The average valuation was $69,150 in 2004 compared to $70,400 in 2003.
South central (South of Main, from Lincoln to Roosevelt): The three homes actually decreased in combined value by 1.9 percent, thanks in large part to a significant decrease in one house. Two of the homes actually increased in assessed value, while the third one dropped by 13 percent. The average valuation was $51,567 in 2004 compared to $52,580 in 2003.
Southeast (South Coble through Fairway Drive): The three homes in this sector showed only a slight increase in valuation. Two of the homes increased in assessed value while the third one was unchanged. The average valuation was $123,400 in 2004 compared to $122,613 in 2003.