The Knox County Assessor’s office recently released the 2023 taxable valuation listings for property in Knox County – marking a just more than 6% increase overall.
Knox County’s valuation increased from $2.2 billion to $2.444 billion last year, continuing a trend (minus a drop in 2021) of more than seven years of consistent increases in valuations based off sales of property.
The City of Crofton received one of the larger bumps, increasing in value about 14.5% from $41 million to $48 million in the last year. That figure is $18 million over six years ago, as shown in a chart nearby this story.
With no figures yet released from Cedar County – the Crofton School District stands on $427 million, an increase of near 8% from 2022’s $394 million.
The Crofton Fire District also marked an above-average jump, hitting $405 million, up from 2022’s $372 million totals.
The values are set by reviewing the last three years of sales in the area, and matching those figures to like-properties, setting the value to which any taxing agency can use to determine their budget income for the next year.
With the valuations now set, taxing agencies can review their budgets and begin planning for their fiscal years and the 2023-24 tax request which will be coming up for county, city and area agencies in the next few weeks.