Archive for Thursday, February 27, 2003

Home valuations increases slow in last 12 months

County appraiser’s study indicates De Soto home valuations up average of 5.1 percent

February 27, 2003

De Soto homeowners should get something of a reprieve from their annual case of sticker shock when they open their annual valuations notices in the next few days.
In his annual valuation summary prepared for the Johnson County Commission, County Appraiser Paul Welcome reports that De Soto's existing residential properties increased by an average of 5.1 percent. That compares to a 10.5-percent increase last year.
Single-family homes had an average valuation increase countywide of 7.52 percent, while commercial property, including apartments, increased by an average of 5.97 percent.
The appraiser's office will mail 190,600 change of value notices Friday. Property owners have until March 31 to appeal a change in valuation.
The smaller increase in single-family home valuations is somewhat at odds with a larger increase in the average sale price of homes in De Soto during 2002. According to the report, single-family homes in De Soto sold for $176,100, a 4-percent increase from the $165,600 average price in 2001.
As would be expected with the lower average increase on existing homes, far fewer De Soto residences saw a double-digit increase in valuations that was the norm the year before. Nineteen, or 1.5 percent, of De Soto's home declined in value in the last year, 313 or 24.5 percent saw no change, 754 home increased from 1 to 10 percent, and 193 residences increased by more than 10 percent.
Countywide, 65.7 percent of properties saw valuation increases, 31.5 percent stayed the same, and 2.8 percent declined.
Information on the valuation appeal process can be found at the appraiser's office Web page at www.jocoks.com/appraiser or through the video Homeowner's Guide to Understanding the Appeals Process that is available at De Soto City Hall and the library. Residents can also call the appraiser's office at (913) 829-9500 with questions.
Homeowners can also find the sales information that was used to determine their valuation at the appraiser's office Web site.

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