For more than three-quarters of Douglas County owners, the values of their homes are going up, which means their property taxes may soon follow.

Douglas County Appraiser Steven Miles said 40,570 change of value notices would be mailed Wednesday to county property owners. The notices will state the property’s value for last year, as well as its new current year value.

The values of 77 percent of county homes did increase from a year ago, Miles said. Supply and demand is playing a big role in the increasing prices.

“If you read the Realtors’ reports, they talk about a shortage of inventory,” he said. “That causes the actual sales prices to be a little bit higher. Homes aren’t staying on the market as long as in the past. Days on the market seems to be shorter all the time.”

The Appraiser’s Office further found:

• 25.6 percent of homes in the county increased in value by more than 5 percent

• 27.5 percent of homes increased by between 2.10 percent and 4.99 percent

• 23.8 percent of homes increased by between .01 percent and 2 percent.

• 14.8 percent of homes had not changed in value.

• 4.3 percent of homes declined in value by between .01 percent and 1.99 percent

• 1.5 percent of homes declined by between 2 percent and 4.99 percent

• 2.5 percent of homes declined by more than 5 percent.

Miles said he had not yet mapped the areas in the county that saw the largest increases or decreases.

Many farmers and business owners also should expect to see an increase in property values.

The appraiser’s office found an overall increase in county commercial properties of 9.2 percent in the last year. Farmland values, which the state appraises based on four soil types, use and productivity potential, also increased with the per-acre average of county agricultural land increasing by 8 percent, Miles said.

Property valuations is part of the formula for computing property taxes. The other is the mill levy. A mill is $1 in property tax for every $1,000 in assessed valuation. As property values — also known as assessed values — increase, taxes due on a property also will rise, even if the tax rate does not increase. If both property values and the tax rate rise, taxes will increase at an even greater rate.

That was the situation last year as property values in Lawrence grew by their largest amount in recent years, and the city of Lawrence, Douglas County and the Lawrence school district all increased their property tax rates.

Miles’ early numbers indicate property values once again will rise, but voters will have to wait a bit longer to see if property tax rates also increase. Governments will set their property tax mill levies during budget hearings this summer.

Property owners can appeal the county appraiser’s assessment of property values. Miles said they have until 5 p.m. March 30 to request a hearing on their 2018 appraisal.