Property values dip below $3 billion in county for first time in five years

Rock County’s largest taxpaying company, Gevo Inc., received a $3.2 million drop in market value, according to information presented at the annual board of appeals and equalization meeting on June 22.
The meeting is the final local appeal option for property owners who question the assessed value of their homes, land or buildings.
The 2021 market value is used to determine property tax amounts paid in 2022.
No one from the public attended the county’s appeal hearing Tuesday night.
Assessor Tom Houselog outlined the positive and negative changes in property values, which are primarily based on sales occurring between Oct. 1, 2019, and Sept. 20, 2020.
At an overall value of $2.973 billion for 2021, the county’s overall property value totals dropped below $3 billion for the first time in five years.
In 2020, overall value was $3.1 billion.
The overall 4.47 percent drop is attributed to a decline in sales amounts, Houselog said.
Ag/rural land, for instance, dropped 7.07 percent in value followed by a 12.96 drop in apartment market values.
Overall industrial, commercial and residential properties increased 11.78, 5.44 and 7.83 percent respectively.
Non-commercial seasonal recreation and mobile home park values stayed the same during the same period.
 
Market value drops for Agri-Energy LLC
Each spring property owners can appeal estimated market values that determine the following year’s property taxes.
Gevo officials appealed the $12.5 million property value placed on the 23-acre industrial Agri-Energy plant west of Luverne for 2022.
Gevo currently pays $376,674, the most of any company in Rock County.
Gevo officials told Houselog, based on the unique nature of this small ethanol plant and the lack of isobutonal produced in 2020, a reduction in market value was warranted.
Houselog negotiated a 27 percent decrease (or a decline of about $3.2 million) in market value, and both parties agreed.
Gevo will pay about $107,000 less in 2022 taxes using current tax levy rates.
The new market value for Agri-Energy is $9.1 million.
More reductions may be negotiated next year, Houselog said.
 
Grand Prairie Events sale means no taxes
Another reduction in 2022 property values occurred when the non-profit Generations (formerly Rock County Senior Citizens) purchased the Grand Prairie Events building in Luverne.
The building sale prior to July 1 means the new non-profit owners will pay no taxes in 2022.
Under the new ownership, Generations President George Bonnema told commissioners prior to the June 22 equalization meeting that he met with the three banks in Luverne.
Each bank will share in the $600,000 loan to the organization that also operates the local meal site. Generations plans to also operate their new building as an events center for now.
By completing the sale from Mike and Wanda Jarchow prior to July 1, the group is exempt from paying the estimated $23,000 in taxes.