Page 0: Page 1: Property values decrease by 30 percent BY STEPHANIE CARROLL LVN STAFF WRITER, The Churchill County Board of Equalization approved a recommendation to make a 10 percent land reduction and a 20 percent economic obsolescence to improvements (appraisals are based on land and improvements), totaling a 30 percent reduction in property value effective July 1. Churchill County Assessor Norma J. Green said she made the recommendation because the taxable value of Churchill County homes exceeded the market value. “All of the taxpayers in the county need to understand the county understands values are going down,” said Bob Getto, realtor and board of equalization member. “Property owners need to pay their fair share, but they don't need to pay more than their fair share.” Green explained the impact on property taxes varies with individual properties. She said 2005 legislation capped property taxes at 3 percent for owner occupied and no more than 8 percent for others. Not all properties are subject to caps. Green said if changes or improvements were made to a property, it became subject to a new cap, so each individual property has a different tax value. Green said owners will pay whichever tax value is less. Green said all affected property owners will receive an amended 2010-11 assessor's notice in the mail. In addition to potential lower taxes, Getto said reduced property values also decrease the selling price for homes, and it can lower faster than a person pays off a mortgage or home loan, so the house becomes more expensive than its worth. “It does hurt the seller,” Getto said. “You're home isn't even worth what the loan is on it.” Lower taxes also take property tax revenue from the city of Fallon, Churchill County and Churchill County School District, which will impact local services. Mayor Ken Tedford Jr. and Lynn Broyles, director of business services for CCSD, said lower property values may have an impact on services, but it is currently unclear how much. Green said it may be less than what it appears because many people will continue paying the same taxes because their cap is lower than the county's lowered value. “Financially, it's not going to impact those entities as much as it sounds,” Green said. Getto said taxes are tricky, and there are up and down sides, but the county cannot avoid decreasing property values during an economic recession. “I feel a lot of taxpayers are going to be happy (with lower taxes),” he said. “Then there are going to be a lot of taxpayers that will be unhappy because they'll lose a lot of those services.” For information, contact the Churchill County Assessor's office, 155 N. Taylor St., Ste. 200, 423-6584. http://www.lahontanvalleynews.com/apps/pbcs.dll/article?AID=/20100309/NEWS/100309879/1055&ParentProfile=1045&template=printart Page 2: