OGDEN — Home values in Weber County, continuing the statewide trend, keep surging.
The Weber County Assessor’s Office sent out new assessed valuations for 2019 to property owners across the county, to be used in figuring new property tax bills that come out later this year. Some property owners may have noticed jumps in their valuations, and, turns out, that’s the general trend across the county.
“Weber County experienced another banner year in the real estate market,” said County Assessor John Ulibarri.
Over the long haul, median home values have shown a steady rise of 3% to 4% per year, on average, he said. But the past three years have been particularly hot, with a jump in median home values in Weber County of 11.6% between the fourth quarters of 2017 and 2018, according to industry-compiled sales figures, used in calculating the assessed valuations coming from Ulibarri’s office.
The median assessed valuation of homes in Ogden alone for 2019 — that means half the homes are worth more and half worth less — totaled $196,000 according to Ulibarri, a 17.3% jump from last year, the biggest increase in the county. The median home assessed valuation in the upper Ogden Valley, with the priciest homes in the county, totaled $417,000, up 5.4%.
More recent sales figures, which didn’t factor in the new valuations, show a 10% jump in median home values in Weber County between the fourth quarter of 2018 and the second quarter of 2019, continuing the trend. Values increased by 13.2% between the fourth quarters of 2016 and 2017 and by 9.8% between the fourth quarters of 2015 and 2016.
“That’s substantial,” Ulibarri said. The rise in values, he said, stems from low unemployment rates, low interest rates and a confidence among consumers that they’re “secure enough to buy a home.”
The new valuations are supposed to reflect what property could be sold for as of Jan. 1, 2019, Ulibarri said. Home values from the Wasatch Front Multiple Listing Service — the figures that showed the 11.6% bump between the fourth quarters of 2017 and 2018 — are used in determining the numbers coming from Ulibarri’s office.
“We’re just following the market,” said Ulibarri. The Wasatch Front Multiple Listing Service is an industry group.
77% COULD SEE BIGGER
Increases in their property valuations sometimes give homeowners the jitters, worried the spikes will translate into bigger property tax bills. Cities, counties and other taxing entities, however, are required to adjust tax rates downward in response to higher valuations, presuming they aren’t seeking tax hikes, to hold property tax collections steady.
Whatever the case, those living in the Ogden School District should see bigger property tax bills for local schools this year, reflected in bill estimates on their new assessed valuation forms. Voters in the district approved an $87 million bond last year to upgrade or replace four elementary schools and that will be reflected in higher taxes on 2019 bills, to be sent in October, according to the Weber County Clerk-Auditor’s Office.
At the same time, Ulibarri said his calculations show that owners of 77% of the parcels in Weber County will likely see bigger property tax bills compared to 2018, with just 23% seeing decreases.
Apart from the growth in value of existing homes, buildings and other property, Ulibarri said Weber County registered another $478 million in brand new growth for 2019. That figure represents the value of upgrades to existing buildings and new construction.
Here’s a look at median assessed valuation of homes across Weber County and the change the figure represents from the year before:
Upper Ogden Valley, $417,000, up 5.4%
Pleasant View, $375,000, up 8.1%
Uintah, $371,000, up 7.3%
Hooper, $370,000, up 9.5%
Farr West, $356,000, up 7.4%
West Haven, $353,000, up 8.8%
Plain City, $340,000, up 9.5%
Marriott-Slaterville, $327,000, up 6.8%
North Ogden, $286,000, up 10.5%
Riverdale, $255,000, up 10.7%
Harrisville, $247,000, up 11.6%
Roy, $236,000, up 13.7%
South Ogden, $235,000, up 10.8%
Washington Terrace, $209,000, up 16.9%
Ogden, $196,000, up 17.3%
The figures come from Ulibarri’s office.