Real estate property values continue to increase in Barry County. Based on recently finalized assessed valuation figures for 2007, real estate property values in the county total $283,170,148.
Based on the 2007 figures, property values in Barry County have increased by 12.4 percent over the past two years. In 2005, when the last property reassessment was completed, county property values totalled $251,802,579.
Barry County underwent the property reassessment process again in 2007. State law requires all counties to conduct a property reappraisal every odd-numbered year.
A breakdown of 2007 real estate property values reveals that commercial real estate values increased by the greatest amount. In 2005, commercial property was assessed at $63,846,123. In 2007, that assessment grew to $76,426,047, which equates to a 19.7 percent increase.
This number is a positive reflection of continued business growth in the Barry County area.
Agricultural property values showed only a 3.9 percent increase. In the latest reassessment, agricultural property was assessed at $20,529,692 as compared to $19,757,195 in 2005.
Residential property in Barry County was valued at $186,214,410 this year as compared to $168,199,261 in 2005. These numbers reflect a 10.7 percent increase in residential property values over a two-year period.
The latest reassessment is less of an increase than occurred between the 2003 and 2005 property reappraisals. Barry County property values increased by over 14 percent between 2003 and 2005.
The biggest difference between 2003-2005 and 2005-2007 reassessments increases is agricultural land values. From 2003 to 2005, agricultural land values rose by 7 percent as compared to 3.9 percent between 2005 and 2007.
Increases in residential and commercial property values between the 2003 and 2005 reassessments also were flip-flopped from the 2005 and 2007 figures.
The 2005 reassessment revealed a 12 percent increase in commercial property values and a 17.4 percent increase in residential property values. In 2007, commercial property increased its valuation by 19.7 percent and residential property values increased by 10.7 percent.
Barry County property owners have already been notified of any increases in property values. Notices were mailed by the Barry County Assessor's Office in May.
A Board of Equalization meeting will be held during the second week of July to address any formal disputes property owners have with the new property values.
According to Barry County Assessor June Smith, the reappraisal process is a huge undertaking for the Assessor's Office. The process takes over a year to complete.
Barry County's next property reappraisal will occur in 2009.