Get Ready To Grumble!

The GUARDIAN has some official figures about land values in Boise which are of the “good news, bad news , worse news variety.”

If you are looking to sell a piece of bare land in Boise, chances are it is worth a ton of money. Small lots averaged $53,000 during 2005 with a median price of $44,500. A quarter acre lot could easily fetch $110,800.suburban_housing2.jpg

Bad news is if you want to buy land, you will need a F-150 pick-up just to carry the money to the buyer. Worse news is your taxes will probably go up–double in some cases–over last year.

Ada County assessor Bob McQuade is stocking up on antacids and zanax in anticipation of irate taxpayers.

He told the GUARDIAN that 9 vacant lots were sold twice each during 2005 and the AVERAGE increase in sales price (value?) between the first and second sale was a whopping 60% in less than a year!

Before you go ballistic looking at your assessment notice, take a look at the data below. The notices will go out to property owners next month. They form the basis for your tax bill. In Boise the “levy” is expected to be about 1.8% of TAXABLE value (ASSESSED value minus a homeowner exemption of $75,000 or 50%, whichever is less). For most it will be $75,000 exempted from taxation. Most folks will see a huge jump in their land value.

There is NO homeowner exemption for vacant lots. You will feel the sting mostly on commercial property or vacant lots. Value on the GUARDIAN’s home lot doubled over 2005.

Here is a recap of land values in Boise based on the sales prices of 400 lots scattered around the city. These figures are for land only.

Small lots of .14 acre or less averaged $53,500 with a median price of $44,500
Lots of .14-.24 acre averaged $66,500 with a median price of $64,075
Lots between a guarter and a half acre averaged $ 110,800 with a median of $89,450
Half an acre to an acre parcels went for $185,300 with a median price of $175,000
And a full acre brought a price of nearly $250,000.

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