Residential property values in Riley County increased about 2.8 percent during 2012, according to information released Tuesday by the county appraiser.
Greg McHenry said the value of all residential property in the county was about $3.1 billion on Jan. 1, the date on which values are based. The 2.8 percent increase considers the impact both of new construction as well as appreciation or depreciation of existing structures.
McHenry said about 25 percent of existing residential properties went down slightly, while the rest either stayed the same or increased. He said slightly less than half the overall increase was due to new residential construction.
The total value of all property in the county rose to $5.31 billion, but that total includes about $1.4 billion in exempt property.
Commercial property values, both new and existing properties, rose by 7.6 percent, while the value of agricultural property increased 10.7 percent.
The appraiser said the residential sales to market ratio fell from about 100 percent last year to about 98.5 percent. That ratio indicates the difference between market values and county appraised values, and is considered an indicator of the level of activity in a market. “It indicates that our market has picked up a little bit,” McHenry said.
There are about 24,000 real estate parcels in the county. Those wishing to appeal values set by the appraiser may call 785-537-6316, or they may visit the Appraiser’s Office during office hours, 8:00 am-5:00 pm Monday-Friday, with questions or to schedule an appeal.
In addition, property data can be accessed through the County’s website at: www.rileycountyks.gov/parcel . Sales data can be accessed through the website during the appeals sign-up period only, February 15-March 18th. To access individual properties’ sales information on-line, individuals may go to: E-Gov Services>On-line Appraisal Data, and log-in. The temporary 30 day User Name (informal) and Password (appeal) can be used through March 18th. Property owners will have until Monday, March 18th to schedule appeals.