Homes, commercial real property, and certain other property categories are appraised at “market value” as of the first of January each year. Market value is the amount of money a well-informed buyer would pay and a well-informed seller would accept, for property in an open and competitive market, without any outside influence. Land devoted to agricultural use is appraised at “use value. Use value is derived by an income approach based on returns to the landlord on all types of farm ground. Light passenger motor vehicles, commercial and industrial machinery and equipment are appraised using a value based method; however, it is not “market value”.
“Fair market value is the amount in terms of money that a well-informed buyer is justified in paying and a well-informed seller is justified in accepting for property in an open and competitive market, assuming that the parties are acting without undue compulsion.”
The value of your home may change each year. It depends on market conditions, improvements to your property, etc. The County Appraiser continually reviews and records sale prices, and other information on all homes in the county.
One sale by itself does not determine market value. A single sale may not represent the market value. The price you paid for your house is verified by the County Appraiser and then considered, along with the sales of similar properties. The appraiser uses this information to appraise your home.
Factors that could cause the difference are square footage, condition, etc. Also, your neighbor’s property may be valued too low instead of your value being too high. The goal is to value all houses at the value they would sell for on the open market. Reappraisal is an ongoing process where both undervalued and overvalued properties are being adjusted to their market value.
PO Box 507
Independence, KS 67301
Phone: (620) 330-1050
Fax: (620) 330-1117
Hours: Monday – Friday 8am – 5pm
Located on the second floor of the County Courthouse.