According to the State of Kansas, “fair market value means the amount in terms of money that a well informed buyer is justified in paying and a well informed seller is justified in accepting for property in an open and competitive market, assuming that the parties are acting without undue compulsion.”
By law, your property is appraised at fair market value as it exists on January 1 each year.
Changes in Value
The value of your property can change from year to year, as it depends on several factors. The value will probably go up if you made improvements, such as:
Adding a room
Building a garage
Finishing a basement
If a major structural problem develops, or a building has been removed, the value will probably go down. The value may also go up or down because of recent sales in your neighborhood. The county appraiser continually monitors sale prices and other information on homes all over the county.
Remember, our healthy, local economy means that many people want to live and work in Pratt County. Therefore, property values in nearly every neighborhood continue to increase annually.
For More Information
For more information on fair market value, please contact the appraiser's office at (620) 672-4112.