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.
Be Informed: If you're thinking about buying a property or making improvement to a property, such as remodeling or new construction, and would like an estimate of value or tax change, give the Appraiser's office a call. We're always available to help explain and/or estimate potential changes in value or property taxes.
2019 RESULTS OF MARKET ANALYSIS
Results of the market analysis for Miami County for the 2019 annual appraisals published pursuant to KSA 79-1460a are as follows:
A countywide paired sales analysis based on homes with two valid sales between March 2012 and August 2018 indicated an increasing trend of 4.2% annually. Current sales were trended using 1.0034% monthly to 1/1/2019 for depreciation analysis.
The residential real estate market in Paola of homes built after 1945 indicated an increasing time trend of 6.4%. The average selling price for homes in that category increased 7.24% per square foot during the 2016 through 2018 market term. Dwellings built before 1945 indicated an increasing trend for time of 5.62% based on 2016 through 2018 sales. In the 2019 models the average sale price of pre-1945 homes increased
11.81% per square foot and the average size of pre-1945 home sales in Paola decreased 13.2%.
The residential real estate market in Osawatomie indicated an increase of 1.21% trend for the time adjustment based on 2016 through 2018 sales. A study of the average selling price per square foot for homes during the same time period indicated an increase of 11.81%.
The residential real estate market in Louisburg and Spring Hill indicates an average of 7.33% per sq. ft. increase in the sale price. The sales analysis indicated an increasing trend for time of 5.58%.
The market coefficient representing the trend for time in the rural area indicated an increase of 4.71% per year. The current model sales price per square foot increased 7.33% 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 2018 shows a slight increasing trend in properties selling twice during the study period. The median trend increased .1% per year; generally a flat market. Overall, land sales used in the 2019 analysis were not trended. In some neighborhoods, 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 2014 through 2018 indicated a slightly increasing trend of .0029% per month and was not utilized due to small sample size. The average price per square foot increased 30% from 2016 to 2017 utilizing typical property sales and 110% from 2017 to 2018. The average year built for 2016 sales was 1895. For 2017 sales it was 1948 and 1997 for the 2018 year sales. Due to the excessive difference in average age between each year's groups of valid sales, the price per square foot analysis was not considered a reliable overall trend indicator. The trend based on comparing sale prices to appraised values over time included sale dates from 2014 through 2018 and indicated an increase of .023% per year. In general, the 2019 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, sale prices of properties are higher compared to prices 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.