Home Selling in Lawrence>Question Details

Bev, Both Buyer and Seller in Olathe, KS

How much above county appraisal (percentage wise) are most of the houses in Lawrence, KS selling for over the?

Asked by Bev, Olathe, KS Mon Jul 14, 2008

last couple of months? Is the county appraisal rate fairly close to the market value at this point?

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8
Sarah Klamm’s answer
I read an article recently that said on a national level about 25% of tax appraisals are too low, 50% are in a reasonable range and 25% are too high. Sold comparables within the last 3 to 6 months will give you a better target number for a homes actual value.
0 votes Thank Flag Link Thu Jan 10, 2013
BEST ANSWER
The answer is yes, no and sometimes! The county appraiser himself/herself is usually the only true appraiser in most Kansas counties. The other employees are just that - employees - using a formula to value your property for tax purposes. Though they have gotten closer over the years (and some are "right on"), many are high and many are low. I would absolutely ask a Realtor or fee appraiser to give you your market value -- I might add, the value is different, depending on whether you are refinancing, insuring, replacing, or selling.
Web Reference: http://CBKansas.com
0 votes Thank Flag Link Mon Jul 14, 2008
Hi Bev,

While each house is different and should be compared only to other comparable homes, to answer your question, I have found most properties have been listed on the Lawrence MLS at a price higher than the county appraisals. However, the SOLD prices are lower than the asking prices and average about 97% to 98% of the asking price which brings the prices down closer to the county appraisals but they are still higher. Bank appraisals have to come in high enough to allow loans to fund and in fact do. This is why there is appreciation on Lawrence Kansas real estate homes for sale virtually every year with some years showing 5% to 7% on average. The web reference below will show you some SOLD prices on Lawrence homes which usually becomes the new appraisal price for the property for the next year but can be influenced by other nearby comparable SOLD prices. I would be happy to provide you with a FREE no obligation home value report for any Lawrence Kansas homes for sale that are of interest to you.

Thanks for your question!
Rob
Web Reference: http://www.MLSPlease.com
1 vote Thank Flag Link Mon Jan 19, 2009
I offer exterior and interior Broker Price Opinions in and around Lawrence. If you find something you really like and want an unbiased opinion, please see my website at http://laurachaney.com/bpos.html
for information on BPO's
0 votes Thank Flag Link Sun Aug 12, 2012
This would be an easier question to answer if you were more specific about the type of property you are considering. There are areas and price ranges that will vary when looking at percentages of change and market value compared to a county valuation. Since the appraiser can only assess a property based on an exterior inspection and other sales of like properties in the area, the valued amount can vary compared to an actual interior inspection by a realtor or independent residential appraiser. Most experienced real estate agents will check the county valuation and then do their own market analysis.

I would estimate that in the past few months most sales have been slightly below county valuation.
0 votes Thank Flag Link Sat Oct 31, 2009
The Douglas County, Kansas appraiser told me that he wants to be slightly less than market value on all homes, just to keep homeowners happy when they sell. They'd hate to learn that they were paying more than their fair share of real estate taxes when it came time to sell. Lawrence sales were appreciating steadily at 5 to 8% from 2000 until 2007. The general market reached a point where supply exceeded demand, especially in certain neighborhoods and price zones, and the Douglas County appraiser dropped price valuations 2 to 4%. In a volatile market, a real estate professional can assess and evaluate a home's true market value and County valuations for tax purposes are useful as general guidelines -- particularly when used in groups to look at a neighborhood or block.
Individual homes may vary in value due to the time of ownership, condition, and feature characteristics. IN Lawrence, home values can change extraordinarily from the house next door -- it's part of the charm of a college town -- a million dollar home may be next to a $200,000 rental house.
Final answer: Generally the valuations for tax purposes are slightly less than market value. Don't use County appraisals as absolute figures -- there are too many variables to consider!
Sean Williams, Realtor; Realty Executives-Hedges Real Estate, Inc
Web Reference: http://www.SeanWilliams.Net
0 votes Thank Flag Link Tue Mar 3, 2009
Wow, all over the board on the answers here...I think you must have found out that the tax assessment value typically has been close or a little below the actual market value but market value has dropped considerable not only in your area but all over the region. There are some exceptions to the rule, but your best bet is to take it out of the equation. There are 2 many GOOD ways to arrive at the value of market value of your home and looking at the tax record is only going to confuse the issue. Have an agent use the "comparable" approach or even better the "absorption rate" model. I would be happy to walk you through each if you like. Good luck with everything....let me know if I can help in any way

Talk to you soon....

David Van Noy Jr
(816) 536-SOLD
0 votes Thank Flag Link Thu Jul 31, 2008
Usually the tax appraisals are less than the market value they can vary, if you work positively in concert with your real estate agent I am assured you will have solutions to all of your questions resolved. Good luck http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 14, 2008
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