In fairness to taxpayers...

As Assessor, it is my desire to ensure that the real estate assessed values in this County never get as far behind as they were (in 2005-2006) as compared to what property is actually selling for.

It is my opinion that it is not fair to the property owners of Phelps County to face huge reassessment increases like the adjustments that were made in 2007.

The Assessor's job, every two years, is to adjust and equalize the County assessed values to reflect true value in money, or market value. Therefore, I believe it is more fair and understandable to the taxpayers to make these adjustments on a regular basis (every two years, as the law requires), so that the adjustments being made are truly a reflection of how the market values have actually changed in the time period being reflected.

Market value is determined by analyzing the actual sales prices of property in Phelps County. The Assessor's office analyzes what property is selling for on a quarterly basis each year in addition to a few specialized studies conducted to determine adjustment factors and indicated depreciation (based on age). By using the three appraisal approaches to value (cost, income, and market approach) in conjunction with the mass appraisal techniques promoted by the State Tax Commission and the International Association of Assessing Officers (IAAO), the Assessor is able to estimate the true value in money for the thousands of real estate properties in Phelps County.

As many of you are aware, the national news media has reported that real estate values around the nation have decreased, new housing starts are down, bankruptcy filings have increased, the median price that a house sells for is down, and the length of time to sell on the market has increased, just to mention a few reports.

With the 2009 reassessment on the horizon, I want to assure property owners that the assessors office is aware of these situations, that any changes in assessed value for 2009, if any, will be based on what property has actually been selling for in Phelps County. We will carefully analyze our local market data and only make changes as necessary.

Phelps County is fortunate in that our local real estate market is much more stable as compared to other areas of the country. Overall, so far we have not seen the dramatic fluctuations in the selling price of our homes. Yes, it is true that many of the homes are on the market for a long time prior to selling, and yes many of them have been on the market for a long time and still remain on the market, yet the selling price of a home in Phelps County has not taken the hit that other markets have around the nation. In that most Phelps County property owners are very fortunate; their real estate investments are intact.