Catalytic converter thefts plague Manhattan over the weekend
27 February 2023
RILEY COUNTY (KSNT) – Property owners in Riley County may see the value of their property rise by as much as 17% over last year’s value.
The Riley County Appraiser’s Office said it mailed the 2023 Change in Value Notices (CVNs) for each of the 25,000 real estate parcels in the county Friday, Feb. 24. The CVNs reflect changes in property values prompted by fluctuations in the local real estate market and/or changes made to individual properties, such as additions or improvements.
The CVNs provide information on the current and previous year’s appraised and assessed value, a brief explanation of the valuation process and explanations of the appeal process, according to the Riley County Appraiser’s Office. Most properties will see value increases ranging from 7% to 17% over the 2022 value.
“Value change is largely attributed to real estate sales and a reflection of the local market,” said Riley County Appraiser Anna Burson. “We value property according to market per state guidelines. Our goal is to ensure everyone’s piece of the pie is accurate.”
When asked why property values are going up, Burson said it is most likely the result of market activity in recent years.
“Values went up some last year but not to the level that the market continues to reflect,” Burson said. “This was seen with the ratio studies done by the state for 2022. Riley County’s median sales ratio was 88% and our values were under sale prices approximately 12%. The median value increase for residential structures for 2023 is roughly 13% which falls in line with the trend reported.”
She said other things contributing to the value increases are sale prices, the low supply and high demand for property and the increasing cost to build a new home. She also said properties that see higher increases in value as reported may not only be impacted by the market area. The increases may also be because of remodels, renovations, additions, new construction, sales or other changes that occurred to property.
Property taxes are determined by taxing authorities such as school boards, city commissions and the county commission when they determine their annual budgets. More information about the relationship between valuation and property tax can be found by clicking here.
The CVN mailing also includes a form that can be sent to the Riley County Appraiser’s Office to schedule an informal appeal. Property owners can also call 785-537-6316 or visit the appraiser’s office at 110 Courthouse Plaza in Manhattan from 8 a.m. to 5 p.m. Monday through Friday. Property owners will have until March 27 to schedule appeals.
For property information on all parcels in the county, click here.
“If you’re considering an appeal and looking for additional sales information, please contact our office and we will email details about the sales in your neighborhood upon request,” said Burson.
You can find more information online by clicking here or by calling 785-565-6200.