Ada County Median Home Values Increase At A 'Sustainable' Pace
Ada County homeowners are receiving annual notices in the mail with their new property values. The county assessors office says the median value of a home went up 5.8 percent between 2013 and 2014.
County Assessor Bob McQuade says the new median increase is tempered compared to the growth seen last year, which was a jump of about 14.5 percent. That means half of Ada County home values went more than 5.8 percent and half went up less.
McQuade says this year's numbers are sustainable and healthy, and indicate that a housing bubble isn’t likely.
"We're seeing three to five percent annualized increases, to me that's just nice sustainable growth," says McQuade. "There's just a lot of stability in the market right now."
However, it could mean property tax increases. McQuade says that's up to Ada County cities.
“If everybody kept their budgets the same, everyone’s taxes would stay about the same. But budgets can increase up to three percent, so perhaps everyone could see about a three percent increase.”
He says Meridian home values grew at the slowest pace in the county, at just 2.64 percent. Eagle – which has been a leader in home values in years past – also slowed down. The new leader in home value growth is the Boise Bench, which saw an increase of 8.7 percent.
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