How Values are Generated

Why Do County Appraisers Appraise Property?

Each Year the cost of local services is spread across the value of taxable property. (Local budgets / assessed value of taxable property = mill levy). The statewide school mill levy is 20 mills ($20 for every $1000 assessed value). County appraisers are responsible for uniformly and accurately valuing all property each year. That way, all citizens fairly share in supporting the cost of local services. Local services include police and fire protection, roads, parks, public, health services and schools.

How is Property Valued For Tax Purposes?

All property is valued annually on January 1. Most property is valued based on its fair market value. Exceptions are land devoted to agricultural use valued based on its income or productivity; commercial and industrial machinery and equipment are valued based on a formula set forth in Kansas laws. For more information, contact your county appraiser or the Kansas Division of Property Valuation at (785) 296-2365.

What is Fair Market Value & How is it Determined?

Fair market value is the amount an informed buyer is willing to pay and an informed seller is willing to take for the property in an open market without undue influences.

The three approaches to value are the sales, the cost, and the income approach. The county appraiser considers all three when determining value.

Sales Approach

The county appraiser reviews similar properties that have sold, compares them to your property, and may make adjustments for differing characteristics. This approach is typically applied to the residential property in an area with a substantial number of sales.

Cost Approach

In the cost approach, the county determines replacement cost new of the property less depreciation. This approach is used when the property is new or unique, or few sales of similar properties in the area.

Income Approach

In the income approach, the value of the property is estimated using the income the property is expected to produce in the future. It is used to value commercial property and apartments when sufficient market rent information is available.

Documentation of Value

County appraisers can provide documentation showing how the property was valued. For example, the comparable sales sheet shows similar properties that have sold, adjustments, and the estimated value of your property. The property record card ("PRC") shows the data collected on your property (includes measurements, rooms, condition, date of construction, etc.)

Should I Appeal the Value of my Property?

If you believe that the county's value does not reflect the fair market value of your property on January 1, you should appeal. The appeals process is an opportunity to review a property in more detail. We all want values to be accurate so we have a fair basis for sharing the cost of local services.

You are welcome to request information about how your property was valued from the county appraiser's office in order to determine whether you should appeal.