Roeland Park’s financial fortunes, which have had the anticipated departure of Walmart and its associated sales tax hanging over them, got some good news in the latest valuation of property in the the city.
Roeland Park saw an 11.28 percent increase in the value of city property. For the city’s 2017 budget that means that its same property tax rate – which the city is holding steady again – will raise more than $238,000 in additional revenue. The city has been building its reserves in order to weather a possible sales tax drop.
“We didn’t have a big redevelopment project that would explain that,” said City Administrator Keith Moody. He reported the increase is the highest percentage jump from the prior year in Johnson County communities, even though Roeland Park is landlocked.
Part of the reason for the increase is a revisiting of the valuation of big box and grocery stores by the county assessor’s office. Commercial property values jumped by 26 percent in Roeland Park while residential property went up 6.3 percent.
A large number of houses changed hands last year – more than 400 – which also may have contributed to the increase in residential assessments.
Moody also noted that the appraised value of a single family home in Roeland Park jumped from $115 per square foot to $123 per square foot. The sale price (from previous year) jumped from $121 to $139 per square foot. The gap between sales price and appraised price also has been widening over the last couple of years.