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.
2018 RESULTS OF MARKET ANALYSIS
Results of the market analysis for Miami County for the 2018 annual appraisals published pursuant to KSA 79-1460a are as follows:
A countywide paired sales analysis based on homes with two valid sales between January 2014 and September 2017 indicated an increasing trend of 4.5% annually. Current sales were trended using 1.0036% monthly to 1/1/2018 for depreciation analysis.
The residential real estate market in Paola of homes built after 1945 indicated an increasing time trend of 2.58%. The average selling price for homes in that category increased 6.176% per square foot during the 2015 through 2017 market term. Dwellings built before 1945 indicated an increasing trend for time of 2.98% based on 2015 through 2017 sales. In the 2016 to 2017 models the average sale price of pre-1945 homes increased 4% and the average sale price of post-1945 homes in Paola increased 4.8%.
The residential real estate market in Osawatomie indicated an increase of .89% trend for the time adjustment based on 2015 through 2017 sales. A study of the average selling price per square foot for homes during the same time period indicated an increase of 6.55%.
The residential real estate market in Louisburg and Spring Hill indicates an average of 5.28% per sq. ft. increase in the sale price. The sales analysis indicated an increasing trend for time of 3.46%.
The market coefficient representing the trend for time in the rural area indicated an increase of 2.51% per year. The current model sales price per square foot increased 4.4% from the prior year model sales range.
Changes in other market trends account for price differences not attributable to time.
An analysis of vacant land sales from 2007 through 2017 shows a slight increasing trend in properties selling twice during the study period. The median trend increased .5% per year from 2016 to 2017; generally a flat market. Overall, land sales used in the 2018 analysis were not trended. Some neighborhood land sales were trended if additional studies resulted in a different trend than the county wide study.
A paired sales analysis of the commercial real estate market utilizing only properties that sold twice with no significant property changes between the first and the second sale occurring in 2011 through 2017 indicated a slightly increasing trend of .0024% per month and was not utilized due to small sample size. An additional study of sales occurring twice between 1998 and 2017 included 6 parcels and indicated an increasing trend of .45% per year. However, the average price per square foot increased 8.0% from 2015 to 2016 utilizing typical property sales and 11% from 2016 to 2017. The price per square foot study indicates that current sale prices have improved again since the economic downturn. However, due to the few number of sales, the lack of a consistent trend and the lack of comparability, the price per square foot study was not considered usable as an overall trend indicator. The trend based on comparing sale prices to appraised values over time included sale dates from 2013 through 2017 and indicated an increase of .648% per year. In general, the 2017 commercial market would be considered to be flat with little trend either increasing or decreasing.
The overall result of the market analysis concludes that, in general, properties are worth more currently 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.