The Riley County Appraiser’s Office has begun the annual 2016 Final Review process for property values.
County appraiser Greg McHenry told county commissioners Thursday morning he hopes to complete those values by Feburary. During the Final Review process, values are chosen for all the approximately 24,000 real estate parcels in the county.
McHenry said appraisers will be choosing 2016 values based on each property’s Jan. 1 status and that his office is scheduled to mail the Change of Value Notices on Feb. 12.
“March 1 is the mandated deadline to mail those and as you all know, we try to mail those a couple weeks early every year,” he said. “We hope it helps in the budgeting process. It gives [the county]a little more time, hopefully, to start sorting through things.”
McHenry also told commissioners personal property forms were mailed Dec. 31. This mailing represents approximately 5,000 accounts (businesses, apartments, mobile homes, watercraft, 16M & 20M tagged trucks, heavy trucks, non-highway vehicles, ATV’s, golf carts, etc) which he said his office is starting to process and value. The deadline for property owners to return their completed forms is March 15.
“As you recall personal property in Kansas is kind of based on a self-reporting system,” he said. “Meaning it’s up to property owners who have taxable personal property to let us know or confirm whether or not they still own the property from year to year.”
McHenry said it’s important that the completed forms are returned by March 15 since statutory penalties are applied to late filings.
McHenry also reported that there have been 1,323 real estate sales in 2015 through Dec. 30 and that home sales remain steady and slightly ahead of last year’s pace. As of Dec. 30, the median sale price was $186,575, compared to $172,000 during the same time-frame last year. The average sale price was $202,017, verse $194,000 in 2014.
McHenry’s median residential sales ratio is currently 97%.
