BOE accepts $162K reappraisal contract

A potential $3 million correction was reviewed at the Tax Equalization Review Committee (TERC) and returned to Kimball with just a $1.8 million correction. Kimball County Assessor Sherry Winstrom updated the Board of Equalization (BOE) about the matter at their regular meeting on Aug. 2 prior to contract review for Stanard Appraisal Services.

Inspection Oilfield Services (IOS) believed their personal property was worth 2.9 million although the assessor’s office had it listed for 5.9 million. After review, the assessor realized there was some stock exchange and adjusted taxable property to 4.1 million. The correction was approved by the BOE.

In regards to the reappraisal of Kimball county, Darrel Stanard of Stanard Appraisal Services, Inc., was there to present the contract that had been reviewed and approved by Matt Turman, legal counsel for Kimball County.

According to Turman, he researched other counties in Nebraska for which Stanard has provided appraisals.

“The rate he (Stanard) has given us on the three different classifications are actually the lowest I’ve seen,” Turman said.

The reappraisal will cover three classifications in Kimball county, residential, agriculture, rural residential and commercial.

An appraisal of no less than 1,204 county residential properties will be appraised by Stanard and his company at the rate of $45 per parcel for a total of $54,180 to be paid in ten monthly installments of $5,418 beginning Sept. 1, 2016.

The total cost of appraising the 451 rural residential/ag improvement parcels will be $63,395 at the rate of $145 per parcel. The county accepted the charge of $6,539 per month for nine months starting Sept. 1, 2017 with a final payment of $6,544.

Additionally, 180 commercial properties in Kimball County will be appraised at the rate of $250 each for a total cost of $45,000. Any properties exceeding the agreed amount will be billed at the same rate and payment of $4,500 will start on May 1, 2018 for ten months.

All total costs are the minimum amount due and no refund will be given if fewer properties are appraised, additionally, interest will only be charged if payments become more than 30 days past due.

Stanard and his employees will go to each property, inspect and take photos of each property, take measurements and gather all necessary information pertinent to arriving at the correct market value. They will compare their information with the property record worksheet and cards provided by the County Assessor. They will then indicate corrections, additions, deletions and include changes to the sketch and building characteristics as they deem appropriate. New property record cards will be created for all of the newly appraised parcels.

Once Kimball county employees have entered the information provided by Stanard, the company will conduct an on-site review of each parcel to ensure all information is accurate and that the best equalization between properties has been achieved.

Stanard will develop the new statistical measures for the new valuations in accordance with the Nebraska Tax Commissioner and other governing bodies.

These reappraisals will be good for six years, however Winstrom added that she and her staff would begin revisiting properties starting in approximately 2019 to keep information up-to-date and prevent this from recurring.

Commissioners Larry Engstrom, Daria Faden and Tim Nolting accepted and signed the contract along with Winstrom and the contract was sent to the Department of Revenue for review.

Once the contract is approved, which could take up to a month, all parties will be notified. Stanard will then sign the contract and work will commence within thirty days after final approval by the Department of Revenue.