The city’s total assessed value inched up again last year for the second year in a row, led by a nearly 3% increase in assessed value of Class 4C Apartment.
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Total assessed value was up slightly, 0.38% or about $5.5 million, from 2020 to 2021, to $1,441,271,100. That’s comparable — at least on a percentage basis — to last year’s 0.32% rise in assessments. Here’s a breakdown of assessments by major categories from 2020 to 2021:
- Class 4C Apartment: +2.78% — $70,863,500
- Class 2 Residential: +0.62% — $981,387,150
- Class 4B Industrial: 0.0% — $250,115,600
- Class 4A Commercial: -1.1% — $125,764,350
- Class 1 Vacant: -7.63% — $13,139,700
- Total Class 4, +0.11% — $446,743,450
The data come from the 2021 Union County Abstract of Ratables (PDF is accessible here), which breaks down all aspects of property assessments for 21 municipalities in the county.
Assessments for Apartments (Class 4C) were up the sharpest, almost 3% or $1.915 million, from 2020. The increase is likely due to some new developments coming online, such as The Mint. The total $70,863,500 for Class 4C assessments comprised about 4.92% of the city’s overall assessments — that proportion is almost 30% higher than it was a decade ago. Apartment assessments had their biggest increase most recently in 2016, jumping from about $52 million to $72 million – some 40%.
Residential assessments of course are the largest portion of the city’s overall assessment and have been inching up for years, cracking 68% for the first time (68.09%). That’s up more than 2% from five years ago as well as 10 years ago and up 7.76% since 2005 (the oldest year for which I can find abstracts).
On the other end of the spectrum, industrial assessments dropped to a recent low of 17.35% of the overall assessed value of town. That’s down almost 5% compare with five years ago, 20% compared to 10 years ago, and 45% versus 2005, when it comprised more than 25% of assessments.
Year-over-year changes are often incremental, typically not usually more than a percentage or two. Another good perspective beyond a year-to-year snapshot is to look at the data over the course of several years, or even a decade.
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