Residential Property Values going down

At the last board meeting of November, Nicollet County Assessor, Doreen Pehrson addressed the board of commissioners and recommended property values for 2010 in various taxing districts. These assessments were done this year and will be used for taxes payable in 2011. This is the first time since the “recession” started that the County has reduced property values because our recent sales had left our sales ratios out of whack with state requirements.

The following changes were adopted. Reductions in value were seen in all residential properties in the cities of North Mankato, St. Peter, Courtland, Lafayette, and Nicollet. Rural residential properties experienced no change in values.

Yes, these home values may have been decreasing for a couple of years, but our county staff cannot go out and do appraisals of all homes in the county in short periods of time. These changes were made after revaluations were completed in these taxing districts. end