Johnson County Residential Property Valuation
If you’re looking for a home in Johnson County, there’s about a two-month supply of homes for residents. The market trend for homes under $350,000 have the least amount of supply for potential home buyers.
Due to strong demand, residential property values continue to rise. In 2017, 95 percent of residential real estate values increased. The areas with the greatest increase were in DeSoto, Gardner, Lake Quivira, Lenexa, Mission Hills, Olathe, Overland Park, Prairie Village, Shawnee and Spring Hill.
The Johnson County Appraiser’s Office formed the Residential Reappraisal Advisory Committee in August 2017. The purpose of this committee comprised of realtors, lenders and fee appraisers, is to advise the county of current residential market trends.
Appraisal Process
Each year, the Johnson County Appraiser’s Office completes a four-step process to set the value of residential property — discover, list, value and defend. The discovery step is year-round and done mostly through building permits, when a contractor or an individual will file a permit of construction or a home addition that will add significant value to the home.
From there the appraiser will list the property and gather information necessary to develop its fair market value. At this step in the process, the appraiser’s office verifies the characteristics of the property — style, square footage, numbers of bathrooms and bedrooms, among other key features. The County Appraiser’s responsibility to is value property at fair market value; the price it would bring on an open, competitive market. In order to arrive at that value, county staff review sales activity.
By March 1, residents receive a Notice of Appraised Value showing the valuation of their property as of Jan. 1. If a homeowner disagrees with their valuation, he or she has 30 days to file an appeal with the county. This hearing is an informal conversation about the property.
As always, the county appraiser’s staff aims to make the appraisal process transparent by publishing data used to determine home values at http://www.jocogov.org/dept/appraiser/home.