GILLETTE, Wyo. — Campbell County property valuations rose this year for Gillette residents because of increased property values, sales and inflation last year, Campbell County Assessor Troy Clements said.
Property increases ranged from about 3% to 25%, based on area of the county because of variations in property sales, he said. He said it’s too early to determine whether property valuations will increase in 2023. The county will begin reassessing property values in January.
“With what we’re still seeing though, I do anticipate the [housing sales] market to stay strong and possibly continue to go up in some areas,” he said.
He said several factors are driving people to the area and that Campbell County real estate value trends mirror those seen at the state and federal levels as well as increasing prices for other goods, such as fuel.
“The market’s hot,” he said.
People want to move to areas that are more spacious and less populated, especially now that the COVID-19 pandemic forced many to work from home and allowed them to he said.
“With the onset of COVID these past couple of years and with employees being forced to work from home, it has made people realize they can continue to work from remote areas that are less populated,” Clements said.
Wyoming‘s lack of state income tax and its lower tax rates attract people who are looking to move, he said.
Clements said he anticipates people will continue to move into Campbell County, though perhaps at a reduced level compared with the past two or three years. With the recent increase in interest rates, the rate of people buying and refinancing decreased, he said.
Locally, the number of homes on the market has tended to be well above 100, he said. In the past three to five years, it was not unheard of to have around 400 homes on the market, he said. At one point in spring 2022, it dropped to as few as 40, a low that Clements said he doesn’t remember seeing in the past 23 years.
“There seems to be a shortage of available houses on the market, so people are paying top dollar, or an increased amount for what is available and in return increasing property values which results in higher taxes, Wyoming being one of them,” he said.