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Posted on: February 2, 2024 | Last Modified on: February 2, 2024

Updated Riley County Property Valuation for 2024

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(Riley County, KS – February 1, 2024) The Riley County Appraiser’s Office has completed all studies and analysis for 2024 property valuations. Property owners should expect to begin receiving their Change of Value Notices (CVNs) notices by mail in early March. 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, demolitions, classification changes, or other improvements. 

The average price of all valid home sales in 2023 was $265,000 while in 2022 the average price was $234,000. The median home price in Riley County for 2023 was $238,000, while in 2022 it was $215,000. 

Riley County Appraiser Anna Burson explains “The median price is a more reliable reference point because it is less affected by outliers.” 

The market indicates an overall trend of 4% to 10% valuation increase on average for residential property. The commercial trend ranges from 1% to 5% average valuation increase. Values on specific properties may not follow the general trends indicated above because of changes to the property, a correction of descriptive information, or the sales in the market area indicate values outside of the typical range. 

As in previous years the upcoming CVN mailing will contain a form for requesting a valuation appeal. To ensure appeals are initiated by individuals authorized under Kansas Statue, all forms must be filled out, signed, and returned to the Riley County Appraisers Office within 30 days of the mailing date. Forms may be returned by email to [email protected], by mail, or dropped off in person to:

Riley County Appraiser, 110 Courthouse Plaza, Manhattan, KS 66502

Once the completed and signed appeals forms are received, appraisers will contact property owners or their representative(s) to schedule an appeal meeting. 

Property owners who have questions relating to the appeals process, requesting information relating to a scheduled appeal, or who would like assistance with completing the appeals form may call the Appraiser’s Office appeal phone line at (785) 537-6316. Please note, appeals meetings will only be scheduled after the completed form has been submitted.

“As County Appraiser I strive to help educate the public regarding the relationship between property valuation and property taxes. It’s important to note the Appraiser’s Office is tasked with valuing homes at fair market value based on recent sales; that’s the first step in the process. Next, the taxing authorities including county government, city government, and school districts work to determine their budget needs for the next year. Once the total budgetary need is determined, the property valuation information is then used to determine the mill levy. All those pieces are used to calculate your individual tax bill to meet the combined budget needs for that year,” Burson explained.

The tax equation for residential property is:

Property Value   X   11.5% (Property Assessment Rate in KS for residential property)   X   Mill Levy Rate = Approximate Tax Bill (This does not include Special Assessments)

More information:

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.

See the Annual Time Trend documents for Riley County

LEGAL TIME TREND PUBLICATION FOR RILEY COUNTY

Results of the Market Study Analysis for Riley County, Kansas for the assessment year 2024 pursuant to K.S.A. 79-1460, 79-1460a.

A study of the residential real estate market indicates an overall inflationary trend of approximately 4%-10% from 2023 to 2024. Some areas may see smaller or larger increases in value due to market activity,

A study of the residential vacant lot real estate market indicates an overall inflationary trend of approximately 1%-11% per year. Specific areas may see smaller or larger increases in value due to market activity.

A study of the commercial real estate market indicates an overall inflationary trend of approximately 1%-5% from 2023 to 2024. Specific areas may see smaller or larger increase in value due to market activity.

A study of the commercial vacant lot real estate market indicates an overall inflationary trend of approximately 2% or less per year. Specific areas may see smaller or larger increases in value due to market activity.

Values on specific properties may not follow the general trends indicated above because of changes in the property, a correction of descriptive information, or the sales in the market area indicate values outside of the typical range. 

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