80% of homes in Sedgwick County to increase in value

WICHITA, Kan. (KWCH) - If you live in Sedgwick County, there’s a good chance you’ll see your property value rise. In an appraisal report released Wednesday by Sedgwick County, it was revealed that 80% of homes in the county will increase in value in 2023.

The typical rate of increase for homes is about 10%. Just 1% of “residential parcels” as the county describes them, will decrease in value, with 19% of properties remaining the same.

For commercial properties, 52% will increase in value, 42% won’t change and 6% will decrease. ,

Last year, 88% of homes increased in value, the highest in the 10 years released by the county. For the last five years, the percentage of increase has hovered in the high 70s or 80s. After a drop to 15% in 2015, the majority of homes have increased in value every year since 2016.

Every year, the county completes an appraisal to make sure properties are assessed at their fair market value, or what they would sell for. The appraised value of your home or property is on part of the equation that sets your property taxes. County commissioners say they hear from a lot of people about the notices each year after they’re mailed out.

“People understand, if they see an increase in assessed value or appraised value for the property, most of the time, in most taxing districts, that translates to a tax increase,” Sedgwick County Commissioner Jim Howell said.

But the Sedgwick County Appraiser’s Office has nothing to do with setting a tax rate or collecting taxes. Their job is to determine a property’s value.

Last year, several factors increased what many homes are worth.

“(With) inflation, you had relatively easy money and that led (to), along with the imbalance in real estate, residential real estate higher values,” said Sedgwick County Appraiser Mark Clark. “People are paying higher prices and if you have sales in your neighborhood, it most likely caused a value increase for you.”

While fewer saw an increase from last year, the average increase is higher.

This could particularly impact areas in Sedgwick County in which the housing market is hot and supply is tight.

“You look at Maize, Goddard, Derby, northwest Wichita and east Wichita,” Clark said.

If homeowners don’t feel the value notice they receive correctly reflects the value of their home or what it could be sold for, there is a process to appeal.

“Turn over your value notice, fill out the back and mail it into the appraiser’s office,” Clark said.

Only those who are appraised a change in value or had a classification change will receive a value notice in the mail. If you don’t receive a notice by mail, you can find it on Sedgwick County’s website. Those wishing to appeal their appraisal have 30 days to do so.