Wednesday, March 25, 2009
Sedgwick County calls it unprecedented. For the first time in decades most homes here did not see any change at all in their values this year.
Given the economy many homeowners are pleased.
"Absolutely. It's good for them. It's just not worth what it was," said homeowner Johnny Downs.
In 2008 75% of residential properties saw an increase in property values.
This year only 13% will see a jump up. 72% will see no change at all. And 15% will actually see a decrease in their homes value.
While most homeowners typically see their home values go up at least 3% a year these new numbers reflect our area's worsening housing market.
"It's totally a reflection of the market. We analyze the market each year and as we tracked it over the year there just wasn't any appreciation in 2008 like there has been,: said Sedgwick County Appraiser Michael Borchard.
While the actual sales price of a home has gone up more than 5% so far this year sales activity has gone down 16% in Sedgwick County and it's expected to get worse.
These flat values aren't necessarily good news for the county. Property tax money makes up a fourth of its budget.
"It does affect us later because that is the platform we use to figure out part of our funding stream for the county," said County Commissioner Tim Norton.
The County will mail out property value notices on March 27. Informal hearings begin on April 1. The deadline to appeal property values is May 1.
To find out more information on property values and the appeal process, people can go to www.sedgwickcounty.org or call 316-660-9110.