LANCASTER—When Lancaster property owners open their mail in November, they will most likely see that the value of their property, as in most communities across the U.S., has increased. The county is finishing the latest general reassessment to take advantage of that, and is expected to increase revenues without increasing the tax rate.
Jason Cowan of Cowan Associates, contracted to do the actual reassessment, told supervisors at the Thursday, October 26, meeting that work has been ongoing for the past year, which included developing and compiling descriptions of properties. Cowan said they then value the properties, typically using a market based cost approach that involves determining the cost to build the property new, including land, then deducting depreciation for various reasons. They then compare those valuations with comparable sales in the area and state to determine the accuracy of their data. Since the last reassessment in 2019, property values have risen approximately 60% locally which compares to the Federal Housing Finance Agency’s Housing Price Index of 50%. Most residential properties will see an increase of 30% to 60% with the average being 44%.
According to Cowan, reassessment results will go out to property owners by….
