One Sioux City homeowner’s property assessment jumps by $86,000
SIOUX CITY (KTIV) - Some Sioux City homeowners say they’re shocked by new assessments of their property, In fact, the city assessor expects property assessments will jump up to 20%, but, one homeowner we talked with saw his property assessment jump 46%.
“I mean, it can really affect, you know, my, my income, you know, what I have to provide for my kids every month,” said Chuck Swaggerty who lives at 2816 Nebraska street.
Swaggerty said he is frustrated with the new assessment on his 1916 Queen Anne Victorian home on Nebraska Street as his assessment jumped by $86,000 in just one year, which means his property taxes will go up, as well.
That’s something Tonya Vakulskas, the president of the Northwest Iowa Board of Realtors, is worried about too.
“We are concerned with the very rapid increase in assessments that some people could lose their homes and that is a very tragic situation,” said Vakulskas.
City Assessor Tyler Erickson said the city makes assessments based on sales of homes in the last year. Erickson said homes have sold for more than their assessed value. So, by law, he’s required to raise the assessed value which also shows him that demand for homes is high.
“I think it’s good for Sioux City in general, when you have prices that are soaring, and they were too high, or people didn’t want to be here, you wouldn’t have houses selling. So this shows that people want to be in Sioux City,” said Erickson.
After the sticker shock that Swaggerty had when he opened his assessment in the mail he is looking to appeal, which he has from April 2 to April 30 to do so.
“I don’t think a bank would give me a loan for what they’re assessing my house at. So I just think it’s really unfair, fair to raise my assessed value that high,” said Swaggerty.
For now, Swaggerty said he can only hope he can win his appeal, and the city will reduce the recent assessment. Appeal information can be accessed on the appeal site.
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