The 2019 Annual Notice of Appraisal and Classification for all real estate parcels in Wyandotte County will be mailed on Friday, March 1, 2019 and have an appeal deadline of Monday, April 1, 2019.
The Appraiser's Office is required to value real property at a fair market value each year, as of January 1st, except for agricultural land, which is valued on a "use value". Therefore, the appraised value should reflect what's happening in the real estate market. Wyandotte County, as well as surrounding areas, has experienced an appreciating market over the last several years and many areas of the County will see this represented in their new valuation, resulting in higher appraisals.
Once a property owner receives their new 2019 valuation, if the appraised value is more than they feel they would reasonably get if the property was sold, or if they feel the classification is incorrectly assigned, then they should consider an appeal.
Property owners who wish to appeal their value and/or classification can do so by filling out the appeal form on the back of the valuation notice and mailing or delivering it by April 1st to the Appraiser's Office at 8200 State Avenue, Kansas City, KS 66112. The form may also be emailed to WycoAppraiser@wycokck.org or faxed to (913) 334-0418. Once the informal appeal deadline has expired and a property owner did not initiate a timely appeal, the next opportunity to appeal is when the 2019 tax bills become due, which is on or before December 20, 2019.
Once a timely appeal is initiated, the Wyandotte County Appraiser's Office will schedule an informal meeting to discuss the property's value and/or classification. It is important to be sure to submit documentation to support the appeal. Documentation may include such items as a recent fee appraisal, pictures of condition issues that cannot be seen from the exterior of the property, comparable properties that have sold that the property owner feels more closely represents the value of the property, etc. Hearings may be conducted in person, or for your convenience, by telephone.
Property owners are encouraged to visit the Wyandotte County Appraiser's Office website at www.wycokck.org/appraiser/ by clicking on the "Property Search", where the most current property value information will be made available. For further questions or assistance, please contact the Appraiser's Office directly at (913) 573-8400.
MARKET STUDY ANALYSIS FOR WYANDOTTE COUNTY FOR THE 2019 TAX YEAR(K.S.A. 79-1460a)
A study of the Wyandotte County real estate market for ad valorem tax purposes using mass appraisal techniques must be performed annually by the Appraiser's Office prior to the mailing of valuation notices. Fair market values for tax purposes, as defined by K.S.A. 79-503a, with exception to agricultural land, should reflect the trends over the past year and value levels of the real estate market in the county as of January 1st. The Appraiser's Office gathers market data and conducts studies each year to ensure that the valuation models are relevant and calibrated to the local market.
The market study for the 2019 tax year indicates the following:
RESIDENTIAL REAL ESTATE:
The analysis of the residential real estate market concludes that most areas are showing an increase in value overall.
Average and median sale price and sale price per square foot indicators were reviewed, along with statistical model indicators, to determine overall average value trends in the various model/neighborhood areas. In general, a stable economy and higher demand for homes has caused a continuation in increased home prices within the market. A study of the residential market indicates average inflationary trends ranging from 4.1% to 6.7% per year depending on location within the county. Some areas within the county may see larger increases due to market demand.
A study of the residential real estate market utilizing only paired sales indicated an overall median inflationary trend of 6.5% per year.
Of the approximate 45,750 single-family property valued for 2019, approximately 6% will decrease or have no change in value and approximately 94% will see an increase in value over last year. These numbers include new construction value changes, as well as changes due to demolition.
Values on specific residential properties may not follow general trend(s) due to changes in the market in specific neighborhoods, changes to the property, correction of descriptive information, or adjustments of values based on sales of similar properties.
COMMERCIAL REAL ESTATE:
A study of the commercial real estate market indicated inflationary trends ranging from 3% to 7% per year depending on property type.
The Appraiser's Office also tracks data from commercial real estate publications including: CoStar, Integra Realty Resources, CB Richard Ellis, and Marcus & Millichap. Most have concluded stabilized to increasing rents, as well as stabilized vacancies and capitalization rates for most commercial property types in the KC Metro and Wyandotte County.
This data, coupled with recent sales ratio study analysis, indicates that there is a need for increases in market values for most commercial property types.
Values on specific commercial properties may not follow general trend(s) because of changes in the property, correction of descriptive information, or adjustments to commercial valuation parameters.
After conducting paired and comparable sales, along with conclusions of residential neighborhood and subdivision analyses, it was determined that in some areas of the County the market was stable and would utilize no trend. However, central to western portions of the County experienced a general upward trend of 2.5%, which was utilized in the 2019 vacant land valuation for residential properties.
A land study for commercial property is also updated annually and indicated an overall inflationary trend of 6% per year. However, there were a few isolated areas of the County where no trend was evident.
In accordance with the provisions in K.S.A. 79-1476, the Division of Property Valuation is required annually to furnish each county the results of its study relating to changes, if any, of the Use Value of agricultural land. Changes can and do occur as a result of several factors, including cropping practices, commodity prices, and production costs.
To provide uniform, fair and equitable values among all classes of property by maintaining the highest standards in appraisal practices and law, guided by the goals of quality customer service to the public, while providing a work environment that encourages staff's professional and personal growth.
To be a recognized leader, for providing fair and equitable mass appraisals of both real and personal property, along with providing accurate and comprehensive information to the citizens and taxpayers of Wyandotte County in a preeminently accountable, effective and efficient manner.