Great news! Your home is probably growing in value as we speak! Bad news… Your property tax are going up.
Ahead of the annual issuance of appraisal values to Johnson County homeowners starting next week, county officials are letting people know that they can almost certainly expect to see their home values climb again.
With strong demand for housing and relatively low supply countywide, County Appraiser Paul Welcome says that appraised values for 2018 will see increases between 2 and 18 percent in various communities.
Those increases come on the heels of last year’s valuations, which saw the largest increase in appraised values in six year at 7.9 percent. Northeast Johnson County cities Lenexa, Shawnee, Fairway, Mission, Merriam, Overland Park, Prairie Village and Roeland Park saw some of the steepest increases in 2017. At 11.9 percent, Prairie Village experienced the largest year-over-year increase. Fully 95 percent of residential property in Johnson County saw increases in valuation last year.
Though the county won’t release full data for 2018 until next week, homeowners here may be in for a similar wave of valuation hikes. With extremely low unemployment at 2.8 percent, a growing consumer confidence index, and a strong real estate market, there’s reason to suspect another significant jump in valuations. The county notes that there is only a month-and-a-half supply of houses on the market, compared to a normal supply of six months.
“This is the lowest housing supply I can ever recall seeing in all my years as the county appraiser,” Welcome said.
Welcome’s office also points out that homes put on the market for $350,000 and below — the kind of homes common in many Shawnee Mission neighborhoods, especially in the cities east of I-35 — are seeing some of the highest demand, “which results in high market values for that price range.”
The county will begin mailing home valuation notices to property owners Feb. 26.
Homeowners who wish to appeal their 2018 valuation, or who would like to ask questions about the process that led to this year’s figure, can do so through March 28.