The assessment process involves setting standards for fair and equitable values, discovering and listing information about properties, and determining property values. It also involves analyzing the values to ensure that they meet the standards of fair assessment, and certifying the total valuation of the County to the County Clerk.
The first step in the assessment process is to gather information on ownership, location, type of use, sales, building measurement, construction type, construction costs, and rental income.
Primary sources for this information are real property deeds, subdivision maps, building permits, local building contractors, and office personnel who conduct on-site inspections to gather land and building characteristics. This information is stored by the County Appraiser, updated, and maintained for current and future use in the assessment process.
Appraisal- Estimating Value
An estimate of value is accomplished by an appraisal. The County Appraiser is required to equitably value all property in the county according to current Kansas law. The actual value assigned to residential properties is based on market value as of January 1 of the current year. To determine the market value, the Appraiser studies sales of properties that occurred during the five (5) previous years. Those sales indicate the market conditions in various parts of Greeley County and the market value of specific types of properties. For most nonresidential properties, comparable sales information, construction costs, depreciation, and the income approach to value are considered.