STATELINE - Lakefront property owners in Douglas County could see their property taxes double or triple next year.
Residents who own land along the lake and some with lake view lots received letters from County Assessor Barbara Byington informing them of an upcoming state-mandated land appraisal process that occurs every five years.
Because some property has sold for more than double its value from five years ago, Byington said about 150 owners should anticipate their July 2001 tax bills to reflect dramatic increases.
County Commissioner Don Miner said the appraisals are standard policy.
"We want to make sure everyone knows this hit is going to come," Miner said. "It's a fact of life that the values Incline Village has experienced over the past 10 years have moved to Douglas County. The good news is people's property values have gone up. The bad news is the appraisal also went up and taxes are based on the appraisals."
Byington said state law dictates taxable values to reflect current market values of land; however, in the past few years there haven't been enough lakefront property sales to necessitate a change in values.
A one-acre lot in Lincoln Park, located north of Lake Ridge Estates, sold for $1.5 million in September 1998 and resold for $2.1 million in March 1999.
A lot in Lake Ridge Estates sold for $850,000 in May 1996 and for $980,000 five months later.
A three-acre lot near Hidden Woods went from a price of $2.15 million in January 1998 to $3.2 million one year later.
Byington said the assessor's office has until mid-November to appraise the land and will send out notices to landowners in December.
Miner said residents may appeal to the Board of Equalization giving reasons why they believe the appraisal was incorrect.
