By MIKE COURSON
Great Bend Post
The COVID-19 pandemic and the ensuing stoppage of life as we know it hurt many aspects of the economy. The real estate market was not one of them. Barton County Appraiser Wendy Prosser said that boom in the housing market ultimately led to higher property tax valuations this year.
"In 2021 and 2022, the sales market, with the lower interest rate, went crazy," she said. "We've talked to realtors, and they've even made the comments that they've never seen an unsettled market or an increase so sharply in the market like that."
Listen to Prosser's full interview on the KVGB 1590 AM/95.5 FM "Couty Edition" program:
Many considerations are made when setting the fair-market value of a property, including sales of other properties within a three-year period. By statute, the appraiser's office must set the value within 10 percent of that fair-market value, which is what the property would sell for on the open market. The good news is market increases have slowed down in some parts of the country. The bad news is Kansas is not always on the forefront of those changes.
"We've heard that the housing bubble has burst, and that's out on the east and west coast," Prosser said. "Unfortunately, what we find happens out there happens about a year later in the metro-Kansas City area, and then it slowly trickles down here. We don't see the effects quite as fast, so we're not only delayed, but then the effects of it going up or going down usually are delayed compared to the very fast, very sharp increase in the years like we had in 2021 and 2022."
Prosser reminds property owners they can appeal the valuation through an informal hearing process, which her office schedules in 30-minute increments Monday through Thursday from 9 a.m. to 4 p.m., including over the lunch hour. Owners have 30 days to appeal the valuation. Part of the process includes reviewing the sales comparison sheet in the appraiser's office.
"They can look at that sheet and see what kind of method we utilize for their property and what sales they were compared to," said Prosser. "If they've never come in for a hearing before, and you have questions on your values, we encourage you to do that."
Property owners still unhappy after the first round of appeals have one more opportunity to contest the valuation through a small claims process. The appeal form is sent to the Board of Tax Appeals in Topeka. Through a conference call, both the appraiser's office and the taxpayer have the opportunity to make their case. A hearing officer will then issue a document stating the fair-market value. Prosser calls it several levels of oversight.
"Not only do I answer to the county administrator, the county commissioners, our taxpayers, but I also answer to all of the individuals at the property valuation division in Topeka," she said. "I have lots of bosses."
Anyone wishing to discuss this year's valuation or set up an appeal can call the appraiser's office at (620) 793-1821.
Read more about this year's evaluations by CLICKING HERE.