Archive for Thursday, March 1, 2007

City’s home average valuation increase lowest in decade

March 1, 2007

De Soto homeowners should be pleasantly surprised with the 2007 valuation notices they receive from the Johnson County Appraiser's Office in the next few days.

According to Johnson County Appraiser Paul Welcome's 2007 Report released last week, the market value of the vast majority of De Soto's 1,494 homes built before 2005 decreased (2.07 percent), showed no change (700) or increased less than 5 percent (535) in the last year. Still, De Soto registered a milestone when Welcome found the average market value of a home in the city for the first time exceeded $200,000.

The county appraiser's office sent 202,000 notices of valuation Wednesday to owners of homes, farms and businesses in the county.

Slightly more than half of De Soto homeowners will once again find the county appraiser has determined the value of their homes increased, but not nearly to the extent of years early in this decade. In fact, the 4.68-percent increase on single-family homes is the smallest overall increase in this decade. Only 5.82 percent of De Soto homes built before 2005 were found to have an increase in market value of more than 10 percent, which was the average increase of a home in the city two years ago.

According to Welcome's report, the average market value of homes in De Soto is $200,141, up from the average value of a home last year of $190,423.

The average market value of a home in Johnson County was $248,000, a 5.32-percent increase from last year.

The reason for the modest increase by recent standards can be attributed to the slump in the residential real estate market. Welcome's report found homes in De Soto sold for an average of $210,132 in 2006, or just 1.34 more than the $207,362 average for 2005.

With the exception of the small piece of Bonner Springs south of the Kansas River, the only city to record a double-digit increase in the average value of homes was Gardner. In that city, new home stock drove the average market value of homes up from $156,000 to $169,000 or 10.23 percent. Overall, communities in the northeast urban core saw the smallest increases, with Merriam recording the smallest increase in average home values with 2.47 percent.

Citing the same factors he has in year's past, Welcome wrote that a positive business environment, good infrastructure, excellent education opportunities, safe neighborhoods and efficient local governments helped boost the housing market by making Johnson County an attractive place to live.

Welcome found the county's market valuation of commercial property topped the $10 billion amount for the first time, although the margin is slim enough it might not stand up through the appeals process. The county's total residential appraised value was placed at $43 billion.

Notices of valuation were mailed Wednesday. The notices will include a four-year valuation history if the property's classification has not changed.

Johnson County property owners will have until March 30 to file an appeal. Information on the valuation appeal process, including the video A Homeowner's Guide to Understanding the Appeals Process, as well as other useful information can be found at the appraiser's office Web page at www.jocoks.com/appraiser.

In addition, the appraiser's office customer service department will answer questions by phone from 7:30 a.m. to 5:30 p.m. Thursday through Monday. The number is (913) 715-9000.

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