Population: 107,524
2013 total value of residential property: $7.4 billion (-.8%)
Median 2013 county residential appraisal: $162,400
Typical residential property undervalued by: 9%
2013 residential property appeals: 985
How the county stacks up: In 2013 Fayette County cut residential property values about $62.6 million, or less than 1 percent. Chief Appraiser Joel Benton said the county made only minor adjustments based on 2012 sales.
“The market was relatively flat last year,” Benton said. “Basically, we saw 2013 as a year where the market was leveling out from the decline of prior years.”
The recovery may have quickened in the first three months of this year. The AJC compared Fayette’s residential appraisals as of Jan. 1 to sale prices from January through March. It found the county’s typical residential assessment was 9 percent below market value. That’s in keeping with what the newspaper found in most other local counties.
Benton said he hasn’t analyzed 2013 sales yet in preparation for producing 2014 values. Based on the AJC’s findings, it’s possible the county will consider raising some values next year.
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