The real estate markets in Deschutes, Crook and Jefferson counties are experiencing another year of increased market value, a sign the region continues to recover from the housing crisis.

With this year’s property tax statements going out statewide by next week, Deschutes County Assessor Scot Langton said, many local residents will notice that their home value has increased.

“Basically, this year most people are going to see an increase in their real market value, which means we are back to a prerecession-type environment,” Langton said.

Due to a state law limiting property tax rates, the vast majority of residents in the tricounty area will still see the annual 3 percent increase to their maximum assessed value and a corresponding increase in their tax.

Maximum assessed value was introduced to cap the growth of assessed value, which is placed on properties by a tax assessor for the purpose of taxation.

Fair market value, meanwhile, is simply an agreed upon price between a buyer and seller.

The first property tax payments are due by Nov. 15.

Deschutes County residents can see how the changing market has affected their property values using an online tool at www.deschutes.org/graphit. Additional information for all local residents can be found on each county’s website.

Since the recession about six years ago, the total real market value for all properties in Deschutes County increased from about $20 billion to $32 billion. Taxable properties grew from about 99,000 to 102,000 in that time, according to the county.

Before the recession, the total value had reached $37 billion for about 99,000 properties.

“We are still not back to the same value we had right before the recession, but it’s getting there,” Langton said.

Crook County Assessor Brian Huber said the county’s real market value increased 12 percent last year. “We are definitely seeing values increase,” he said.

Jefferson County Chief Appraiser Jeffrey Dart said the county has been crawling out of the housing crisis in recent years. More new construction can be seen around the county, he said.

“We are starting to see some construction, which we haven’t seen in a while,” Dart said. “Usually that is an indicator of a healthy real estate market or healthier than it was.”

— Reporter: 541-617-7820, kspurr@bendbulletin.com