OGDEN — New valuations for Weber County property are out and some may have noticed something that hasn’t happened in a while — a dip in the value of their homes.

Taken as a whole, the value of single-family homes in Weber County declined in the newest batch of valuations compared to last year, according to Weber County Assessor John Ulibarri. That runs counter to the go-go growth that has seemed to push home values along the Wasatch Front ever skyward in recent years.

Home values jumped in the first quarter of 2022, Ulibarri said, but they edged the other way in the subsequent three quarters of the year in part on rising interest rates, which made home financing more expensive, putting a damper on demand. The new property values sent by Ulibarri’s office to Weber County property owners last week, used to calculate property taxes, are meant to reflect market values of homes as of Jan. 1, 2023.

Interest rate increases “had a jarring effect on the market,” Ulibarri said.

All told, he said, the median assessed valuation of a single-family home in Weber County fell by 3.5%, from $428,000 in 2022 to $413,000 for this year, though values of some homes undoubtedly edged upward. The median home value was $365,000 in 2021 and $305,000 in 2020, according to figures supplied by Ulibarri to the Standard-Examiner in 2021.

The residential dip notwithstanding, Ulibarri said the overall taxable value of Weber County property went up. “First, while construction slowed considerably from the prior year, some new properties did come online. We also noticed commercial and industrial properties were undervalued, which warranted increased assessed values for these property types,” he said.

As is the case every year, those who think the valuation of their home or other property is too high may appeal the figures. They have until Sept. 15 to do so.

Taxable values of homes and other property are multiplied by the tax rate in the varied taxing entities that serve the zone where the property is located — cities, school districts and Weber County, among others — to determine property tax bills. The new valuation forms recently sent out contain estimated property tax bill totals, though final property tax bills won’t be sent out until November.

In related news, the Ogden and Weber school districts and the cities of South Ogden, North Ogden and Harrisville are proposing property tax hikes for 2023. The North View Fire District, Weber Basin Water Conservancy District and Central Weber Sewer Improvement District are also proposing increases, which will be the subject of public hearings.