Sedgwick County Property Valuation Tax Appeal - How To

It's that time again.

Sedgwick County recently mailed its tax valuation notices. This important little piece of paper tells you what the county thinks your home could sell for as of December 31, 2007. This value is derived from the past 2 years of comparable sales in your area. An increase in value simply means that homes like yours are selling for that percent more, not that you've made that much more in improvements.

Increasing property values are generally good for everyone! It means your property is increasing in value, so your investment is growing. However, it does hit your pocketbook tax-wise.

From that Appraised Value, a small percentage (11 1/2% for Residential) results in your Assessed Value (the amount they base taxes off of). That value is then multiplied by the mill levy in your area to determine the property taxes that you will pay for 2008.

For example, your house is valued at $100,000:

The Assessed Value is $11,500.

The mill levy in your area is 118.05.

Your taxes would then be 11500*.11805 = $1357.57 roughly

So if your value increased by the typical 3% for the area - your taxes roughly went up $40/year.

NOW then. You might happen to not agree with the Appraiser's Office as to your value. Keep in mind that the Appraiser's Office operates off the data it has on record, and only visits a property typically once every 6 years. So any changes, for better or for worse, might not be on their record.

If you want to appeal your property valuation, here's what to do:

1. Fill out the form on the back of your valuation notice and mail it in. Include any days/times that are not good to schedule you on and indicate why you don't agree with the value. This must be done before MARCH 31st!
2. You will receive a letter with a date and time for an informal hearing. If you can't make that, call as soon as possible because times fill up quickly.
3. The hearing is informal. You will meet face to face with one of the real estate appraisers who actually goes out and does the evaluations of property.
4. Bring any supporting documentation - if you disagree about the condition of the property then bring in photos, bids for repairs, etc. If you've had it independently appraised or recently bought it, bring those in. If you disagree about size, amount of basement finish, or such, you'll need to request that they re-inspect the property in person.

They're fairly reasonable people and understand that they do "mass" appraisal and individual homes may vary. They typically have a 60% change rate - meaning that they do change values for 60% of those that appeal. But appealing is the first step!

Now if you get "no change" in value from the hearing, you can appeal to the next level.

The Sedgwick County Appraiser's Office website states that 74% of residential properties did experience an increase in valuation.

So if you've never appealed before, now would be a good time to take a closer look at your home's value.

For more information, do visit the Appraiser's Office website, or call them at 316.660.9110. You can also look up your property's appraised value at this site, if you don't already know it.

And if you do decide to appeal - Good Luck to you!

And if you get your valuation and decide that you're ready to sell that gold-mine of yours, give me a hollar. I'll get those taxes out of your name and into someone else's! :)

- Sheree Wilkerson - Allegiant GMAC Real Estate

316.461.0575 | sheree@ksgreathomes.com