Appraisal / Reappraisal
In addition, the appraiser's office notifies each property owner annually of the appraised value of their property, holds valuation appeal hearings, and provides information to both the real estate community and public regarding both real and personal property.
2016 RESULTS OF MARKET
Results of the market analysis for Miami County for the 2016 annual appraisals published pursuant to KSA 79-1460a are as follows:
A paired sales analysis based on valid sales of homes selling twice between January 2011 and August 2015 indicated an increasing trend of 2.7% annually. Current sales were trended using 1.0022% monthly to 1/1/2016 for depreciation analysis.
The residential real estate market in Paola of homes built after 1945 indicated an increasing time trend of 1.13%. The average selling price for homes in that category decreased 0.65% per square foot during the 2013 through 2015 market term. Dwellings built before 1945 indicated no trend for time based on 2013 through 2015 sales. In the 2015 to 2016 models the average sale price of pre-1945 homes increased 11.7% and the average sale price of post-1945 homes in Paola decreased 0.98%.
The residential real estate market in Osawatomie indicated no trend for time based on 2013 through 2015 sales. A study of the average selling price for homes during the same time period indicated an increase of 1.01%
The residential real estate market in Louisburg and Spring Hill indicates a 3.12% per sq. ft. increase in the average sale price. The sales analysis indicated an increasing trend for time of 2.10%.
The market coefficient representing the average trend for time in the rural area indicated an increase of 1.37% per year.
In all residential models, changes in other model coefficients account for market differences not attributable to a time trend and every neighborhood group experienced an increase in the number of sales in 2015.
A primary paired sales analysis of vacant land occurring from 2000 through 2015 shows a slight increasing trend. Second sales from 2014 to 2015 showed an annual trend of less than 1% per year; generally a flat market. Overall, land sales for the 2016 analysis were not trended.
A paired sales analysis of the commercial real estate market utilizing only properties that sold twice with no significant property changes and the second sale occurring in 2010 through 2015 indicated a slightly increasing trend of .002% per month and was not utilized due to small sample size. However, the median price per square foot increased 2.29% from 2013 to 2014 and 4.76% from 2014 to 2015. The price per square foot study indicates that current sales have improved since the economic downturn. Due to the few number of sales and the lack of comparability, the price per square foot study was not considered usable as an overall trend indicator. In general, the 2016 commercial market would be considered to be flat with little trend either increasing or decreasing.
The result of the market analysis concludes that properties are generally worth less currently in some markets and more in other markets than in previous years. Individual property values may change by more or less than the indicated trend due to changes in other model coefficients, availability of more comparable sales and changes in market preferences.
In accordance with the provisions of K.S.A. 79-1476, the Division of Property Valuation is required to annually furnish each county the results of its study relating to changes, if any, of the use-value appraisals of agricultural land. Ag land values change as a result of several factors including cropping practices, commodity prices and production costs. For the 2016 appraisal, agricultural land was delineated on the basis of its use and soil type in accordance with the official soil survey of Miami County. Changes may occur on individual properties due to reclassification and re-delineation of acres in a soil type.
The Use Value appraisals of agricultural land completed by the Division of Property Valuation indicates value changes for cultivated land ranges from unchanged to $60 per acre higher by soil type; an overall increase of 14%. The value change in all grassland ranges from unchanged to $17 per acre higher by soil type, resulting in an overall increase of 12%.