County Market Study Published
Published in The Saint Francis Herald, St Francis, Kansas, and Bird City Times, Bird City, Kansas, Thursday, January 25, 2018. Publication of the Market Study (K.S.A. 79-1460a)
A study of the residential real estate market indicated that the market is stable with no general upward or downward trend.
A study of the commercial real estate market indicated that the market is stable with no general upward or downward trend.
A study of the real estate market for vacant lots indicated that the market is stable with no general upward or downward trend.
It is the duty of the County Appraiser to value equitably and at fair market value all property identified as of January 1 of each year. This involves first determining if the property is taxable. Unless specifically exempted by the State of Kansas or by the State Board of Tax Appeals, all tangible assets, land and buildings and personal property in the State are taxable. The property must be accurately valued at its fair market value. Fair market value is the amount of money a well-informed buyer and a well-informed seller would accept for property in an open and competitive market without any outside influence.
An important thing to remember is that Appraisers do not create value.
People actually determine value by their transactions in the marketplace. The Appraiser simply has the legal responsibility to analyze those transactions and appraise individual properties based upon what is happening in the marketplace.
The Appraisers Office does NOT determine taxes but instead determines only the market value of the property. The amount of taxes each taxpayer pays is determined by all the taxing agencies, i.e., city, county, school districts, etc. and depends on the amount of taxes needed to provide all the services the taxpayers require. The assessed value is determined by multiplying the fair market value of the property, as determined by the county appraiser’s office, by the assessment rate as outlined in the State Constitution.
If you have any questions about your real estate values, please call (785) 332-8830
What is Personal Property?
A key characteristic of personal property is the ability to move it without damage either to itself or to the real estate to which it is attached. Personal property becomes real property only if it is affixed in such a way that it loses its original physical character and cannot practically be restored to its original condition.
Personal property may be leased, loaned, rented, consigned, or owned. The basic categories include: business furniture, fixtures, plant equipment, office equipment, machinery, boats, aircraft, mobile homes, and recreational vehicles.
What is Individual Personal Property?
Many Personal Property assets belonging to individuals are valued from market data using appraisal guides and state and regional market sources. This market data is then used to establish the current value of a particular asset. Typically, this value will be based on current trade-in values according to the age of the asset and market condition.
Examples of individual personal property that is to be reported to the County Appraiser are:
- Boats (inboard, outboard, pontoon, etc)
- Jet Ski
- Vehicles (non-highway title, vehicles tagged with 16M or more weight)
- Trailers (utility, boat, car hauler, box, etc)
- Off-road vehicles (3 or 4 wheelers, golf carts, mopeds, dirt bikes, snowmobiles)
- Camper trailers/Travel trailers (those not qualifying as RV’s)
- Mobile Homes (if the title to the mobile home is different than who has title to the land it is located on)
Automobiles, light trucks, and motorcycles are classed separately by the State of Kansas.
What is Commercial Personal Property?
The valuation of owned or leased commercial personal property is based on the formula described in the Kansas Constitution. Assets are valued according to their retail cost when new, or their used acquisition cost, and the appropriate economic life. The asset is then depreciated over its economic life to a remaining 20 % of the retail cost when new value.
Since June 30, 2006, any qualifying item of commercial personal property with a retail cost when new of $1500 or less is exempt. Commercial and Industrial Machinery and Equipment purchased after June 30, 2006, is exempt.
How are taxes figured on Personal Property?
If the fair market value of your individual personal property is $5000 and if the assessment rate is 30%, this would mean the assessed value would be $1500 ($5000 x .30 = $1500).
Once taxing groups (school districts, cities, county, hospitals, etc) have finalized their budgets, these amounts are used to set the mill levies for each taxing district and calculate taxes.
Let’s assume the combined mill levy (tax rate) has been set at 120 mills. Multiply the assessed value of your property ($1500) by the mill levy (120 mills or .120). This amount equals $180, which is your share of the costs of public services.