Susan Ramsay can’t believe her lot valuation has jumped 400%.
“If it’s worth $100,000 then I’m sitting on a gold mine,” she said.
Douglas County Assessor Roger Morrissey said the Nebraska law allows for separate valuation of a home and land.“Running a cost approach you have to assign value to the land," he said.
Morrissey's staff determined lot values in the Ridges are undervalued.
According to Morrissey, taxpayers in the southwest Omaha subdivision of the Ridges haven’t been hit as bad as they think with higher property valuations. When you add lot and home costs together, he said, many area homes have actually decreased in value.
Taking a look at the numbers, 507 parcels have been assessed in the Ridges, with 192 valuations dropping. The average decrease was 9%.
However, 307 other homeowners saw valuations increase, and by an average of 14%.
Morrissey maintains the valuation formula is “fair.” He said, “It’s a different type of appraisal. And if you think its not fair, go to the assessor’s website and look for recent sales.”
The window for protests closed the end of June. So far, 91 have been officially filed by Ridge’s homeowners. However, that number could increase after post-holiday weekend mail deliveries.