The Riley County Appraiser’s Office has completed analysis for 2023 property valuation. The annual Change of Value Notices (CVNs) should be completed and mailed to property owners by the end of February. The CVNs reflect changes in property values due to fluctuations in the local real estate market and/or changes made to individual properties, such as additions or improvements. The median home price in Riley County is currently $215,000, while last year it was $204,900.
The market indicates an overall inflationary trend of 13.31% with the index ranging from 10-17% on average for residential property. The commercial trend ranges from 0-5%.
“The index represents the value increase we are typically seeing,” said Riley County Appraiser Anna Burson. “Property owners could see smaller or larger increases depending on the market area they are in."
If property owners have questions about their property or value after receiving their valuation notice, they are encouraged to contact the Appraiser’s Office at 785-537-6316. The CVN mailing will include a form that can be sent to the Appraiser’s Office for purposes of scheduling an informal appeal. Property owners may also visit the Appraiser’s Office during office hours, 8:00 am-5:00 pm Monday-Friday, with questions or to schedule an appeal. Property owners will have until March 27th to schedule appeals.
“It’s important to note that just because the property value increases does not mean the taxes will,” said Burson. “We are tasked with valuing homes at fair market value based on sales. We do not set the taxes. The tax bills received in December reflect an individual property’s share of the established yearly budget. The budget itself is determined by the Riley County Board of County Commissioners, school districts, municipalities, and other taxing authorities. The tax dollars needed to meet the budget are represented by the mill levy. As you may have heard before, the valuation of your property determines your piece of the pie. Which is why it’s so important to ensure all property is valued fair and equitably.”
For more information about the relationship between valuation and property tax, visit the Appraiser section of the Riley County website at https://www.rileycountyks.gov/Appraiser.
“Property data for all parcels in Riley County can be accessed through the County’s website,” said Burson “If you are in need of any additional information, please feel free to contact our office.”