The total assessed property value in Blaine County rose more than 23% between 2020 and 2021, according to preliminary figures from the Blaine County Assessor’s Office, with the cities of Carey and Bellevue seeing the most drastic increases.
The total assessed value countywide increased from $11.1 billion in 2020 to $13.8 billion in 2021, preliminary numbers show. The median assessed value went from $433,091to $532,725 year over year.
2021 marks the first time Blaine County topped the $13 billion threshold, surpassing its previous prerecession peak of $12.5 billion in 2008. After that, the bottom dropped out; in 2012, countywide property values cratered to $8.1 billion.
“With the pandemic, Blaine County saw a rise in new people relocating from around the U.S., a decrease in the supply of homes for sale and increased material costs,” Assessor Jim Williams told the Mountain Express. “These were all factors in the sales prices erupting throughout the year.”
Carey saw the biggest percentage increase year over year—35%—with its total assessed value rising from $37.2 million to $50.5 million. Bellevue followed with a 27% increase, rising from $256 million to $327 million.
Sun Valley experienced the largest dollar increase of any city, $627 million from $2.7 billion to $3.3 billion, a 23% increase. Ketchum’s assessed value, meanwhile, had the smallest percentage increase year over year but the second largest dollar increase, rising $578 million from around $3.3 billion to $3.9 billion—a 17% increase.
Hailey saw a 21% increase in total value, going from $1.2 billion in 2020 to $1.5 billion in 2021.
The increase in assessed value will not be proportionally reflected in local property taxes, however, as taxing districts are capped at a 3% increase in the property tax portion of their budgets each year. When assessed values rise, the levy rate—a multiplier used to determine the share a property owner pays—typically falls. The final rate won’t be set until budgets are finalized in September, but for an initial idea of your bill, Williams recommends checking the Idaho Tax Commission’s estimator tool at tax.idaho.gov.