Riley County property valuations will soon be arriving in the mail.
The Appraisers Office has mailed the 2022 Change of Value Notices to each of the roughly 26,000 real estate parcels in Riley County. Those CVNs reflect changes in property values due to fluctuations in the local real estate market and/or changes made to individual properties.
During Monday’s county commission meeting, Appraiser Analyst Allen Todd says valuations are expected to increase due to decreasing sales ratios. The sales ratio for the county is around 90%, with 83% of sales last year selling for more than what they were valued at. This is the lowest ratio percentage since 1989.
County Appraiser Greg McHenry confirmed with KMAN last week that most properties will see increases of around 10% to 14% in value.
Todd says values need to increase this year for the county to be at market value. Sale prices from last year are higher than what the appraiser’s office valued them at.
Property taxes are determined by the percent change made in the 2023 budget as compared to the 2022 budget. The CVN also includes information on how to appeal those valuations.
Property owners have until March 18 to file an appeal and can view property data online through that date here.
The post Riley County property valuations expected to increase this year appeared first on News Radio KMAN.
