As we get ready to figure out how much commercial properties are worth in Bannock County for 2024, we have two main goals: follow the rules set by the state and make sure things are fair for everyone who owns commercial property. Commercial property includes things like shops, restaurants, offices, and hotels. When we do our yearly assessment, we only look at how much the buildings and land are worth, not how well the businesses inside them are doing.
Even though the total value of commercial property in Bannock County has gone up, different types of businesses, like stores or restaurants, have seen varying levels of growth. To prepare for the 2024 assessment, we've been working hard to identify these changes in value for each type of business. We've also been checking different types of commercial properties within a category to make sure they're being valued fairly compared to others like them.
For instance, if two apartment buildings in Pocatello are both 40 years old and in similar condition, they should be valued about the same per apartment based on things like how much rent they bring in. And when new places are built in an area, the value of nearby land for businesses might go up, too.
We've been using our mass appraisal system (ProVal) for six years to help us better determine property values. Our team checks whole groups of similar properties to make sure none are being valued unfairly. These checks help us spot if any properties are being valued too low or too high, which could mean some property owners are paying too much or too little in taxes.
Making sure property values are fair and equitable is very important to us. Many topics can aid in finding fair and equitable assessments, including current rental/lease rates, building updates, needed facility repairs, etc. We view property owners as partners in the assessment process and welcome conversations with property owners any time of the year. If you have questions or concerns about your property, please feel free to reach out to us any time!
