More than 96% of Wyandotte County homes increased in value this year. Here’s what that means

Property owners in Wyandotte county can expect to see their home appraisal values in the mail soon, and most can expect the value of their property to go up.

According to Wyandotte County Appraiser Matthew Willard, 96% of homes in the county will see an increase in value.

The county’s overall median home price went up 17% in 2021 in comparison to the previous year. The average home sale price is $206,176 and the year over year increase is 13.20%.

So what’s driving up the price of homes?

The market is hot. One of the main factors driving up home values is the lack of supply in the housing market. Willard said that on average a healthy market should have around six months of residential supply, but in 2021 the county’s market had less than one month in residential inventory.

According to the county’s report, the homes that do go on sale only stay on the market for an average of 21 days.

Lower priced homes will likely see some of the biggest jumps in value. Since there are more people looking to buy than there are homes for sale, affordable homes will likely become more coveted and can potentially see that jump in sale price, according to Willard.

Neighborhoods that saw the most change in value for median value of single family homes include the Northeast and Downtown Central areas with more than a 20% increase in value.

Stony Point and Argentine Armourdale neighborhoods saw a 17% increase. The city of Lake Quivira saw the lowest increase of 11% median value change.

The county reevaluates home values every year and follows a similar process each year. This process includes looking at home sales in an area to determine models that help determine property value.

How does the appraiser’s office decide a home’s value?

Willard said it’s important to know that his office’s evaluations are not attempting to set the value, but rather to interpret the market.

“And as part of that, if sales prices are going up, typically values are going to go up,” Willard said.

To come up with the appraisal value, the office compares home sales and development costs. It also considers major improvements, damages or additions to the property that could affect its value.

However, standard improvements don’t necessarily impact a home’s value that much.

“That’s a common misconception, [that] if I throw a couple windows on the house or a fresh coat of paint that that’s just going to drive the value up,” Willard said. “Those are maintenance items.”

“Now if you’ve got kitchen remodels, bathroom remodels, a whole remodel on a house, it is going to make a difference in the market.”

So will my taxes go up?

“So when the value goes up, and the taxing jurisdictions leave the [tax rate] the same, that individual’s taxes will go up,” Willard said.

Tax jurisdictions include the unified county and city government (which levies separate taxes), school districts, community college and even the state. These jurisdictions set their own budgets and assess property valuations to determine the tax rate.

Homeowners will receive their tax bills in November.

What if I don’t agree with my valuation?

If someone doesn’t agree with their home’s new appraisal value, there is an appeal process. When you receive the appraiser’s notice in the mail, one side should include instructions on how to start an appeal’s process.

Property owners have until April 14, 2022 to file their appeals. Once they do, the county can hold hearings via telephone, Microsoft Teams or even by writing a letter.

“I think the appeals process was an important part of this process. Because what [we] are really trying to do is get to a fair market value,” Willard said adding that many people choose to appeal when they believe their valuation is too high or if they feel they can’t sell the home for the price it’s valued at.

You can learn more about how to appeal your appraisal value here.

Do you have other questions about housing in Kansas City? Ask us at kcq@kcstar.com.

This story was originally published March 15, 2022 at 1:02 PM.