Change of Valuation Notice
Each year, on or before
March 1, the County Appraiser is required to send you a change of
valuation notice. This notice describes the property you own, gives
the actual values for both the prior and current year, and will
provide you an opportunity to present your objection to the Appraiser.
When you receive a change of value notice, study it carefully. The
value shown on the notice will affect the amount of taxes you will
pay the following December. The deadlines for appeal are set by
Kansas law and are enforced. If you feel the value the Appraiser
has placed on your property is incorrect, you may wish to inspect
the Appraiser's records on your property. If you choose to file
an appeal, you will want to provide information and documentation
to support your estimate of value. Information such as a recent
independent appraisal, recent sales of similar homes in your neighborhood,
similar homes that are currently on the market, and written estimated
from real estate professionals will all lend support and credibility
to your opinion of value.
The Assessment Process
The assessment process
involves setting standards for fair and equitable values, discovering
and listing information about properties, and determining property
values. It also involves analyzing the values to ensure that they
meet the standards of fair assessment, and certifying the total
valuation of the County to the County Clerk.
The first step in the assessment process
is to gather information on ownership, location, type of use, sales,
building measurement, construction type, construction costs, and
Primary sources for
this information are real property deeds, subdivision maps, building
permits, local building contractors, and office personnel who conduct
on-site inspections to gather land and building characteristics.
This information is stored by the County Appraiser, updated, and
maintained for current and future use in the assessment process.
- Estimating Value
An estimate of value is accomplished by an appraisal.
The County Appraiser is required to equitably value all property
in the county according to current Kansas law. The actual value
assigned to residential properties is based on market value as of
January 1 of the current year. To determine the market value, the
Appraiser studies sales of properties that occurred during the three
previous years. Those sales indicate the market conditions in various
parts of Stevens County and the market value of specific types of
properties. For most nonresidential properties, comparable sales
information, construction costs, depreciation, and the income approach
to value are considered.
Changes Affecting Property Values
A property's value
may alter over time due to physical changes such as an addition
or a garage, family room, bedroom, or extensive remodeling and modernization.
also, property values may fluctuate due to the local economy. The
economy of the entire community may affect the market value of your
property negatively or positively.
Changes made to maintain
your property's current value such as painting your home, replacing
the roof, replacing the hot water heater, or making repairs would
not necessarily increase the value of the property. However, if
these tasks were not performed, the condition of the home would
deteriorate, which could cause the market value to decrease.
Your property taxes
are determined by multiplying the actual value times the assessment
rate times the mill levy. The assessment rate on residential properties
is 11.5%. The assessment rate for commercial and industrial purposes
is 25%. The assessment rate is fixed by law and is the same statewide.
Let's assume the market value of your home has been determined to
be $60,000, and the statewide residential assessment rate is 11.5%.
This would mean that the assessed value of your home would be $6,900
($60,00 times .115 = $6,900).
Let's also assume
that the total mill levy is determined by the local taxing authorities
of your particular taxing district. Multiply the assessed value
of your property ($6,900) by the mill levy (125 mills or .125).
The amount is $862.50, which is your share of the total responsibility
to support the programs for which taxes are budgeted.
- includes homes, apartments, and condominiums
Value / Cost / Income
- real property used for commercial or industrial purposes
Value / Income
Land - land used to develop agricultural use
Value / Income
Imprv - improvements on land devoted to agricultural use
Lots - vacant land with no improvements
- real property owned and operated by not-for-profit organizations
Others - all other real property not elsewhere classified