Real estate valuations are on the rise in Lyon County.
Thursday, County Appraiser Ryan Janzen presented the Lyon County Commission with the current county valuations which showed a 5.4 percent increase in appraised value for real estate property. This translates into a 5.6 percent assessed value increase according to Janzen.
In terms of classifications, all real-estate sectors saw impressive value increases from 2019 to 2020. Residential property increased from $116 million in 2019 to $122 million in 2020, commercial property rose from $58 million to $59 million while agricultural property increased from $27 million to $30 million.
When it comes to what’s driving the increases Janzen explains that buyer and seller trends in the local market are the deciding factor.
While real-estate valuations saw increases, Janzen noted personal property valuations saw a $153,000 decrease and oil values dropped $110,000 from 2019 to 2020. Janzen says the drop in oil values is attributed to a nationwide drop in oil prices.
The valuations were certified to the County Clerk’s Office earlier in May per state statute.
