More than half of Sedgwick County home values rose in 2015

The majority of homes in Sedgwick County gained value last year, according to a county appraiser’s report.

Fifty-three percent of county residential properties rose in appraised value, while 39 percent had no change. Eight percent lost value. The typical loss or gain in property value was 3 percent.

“This is probably the best it’s been since we bounced off the bottom of the recession,” county appraiser Michael Borchard told Sedgwick County commissioners Wednesday.

The median home sales price jumped $8,000, from $141,900 in 2014 to $149,900 last year.

And new home construction ticked up 130 units to 1,148 last year. That comes after a slight dip from 2013 to 2014.

“This residential information here is very positive news,” Commissioner Karl Peterjohn said. “I have concerns on the commercial side.”

Thirty percent of commercial properties in Sedgwick County increased in value, and 27 percent fell in value. Forty-three percent stayed flat with 2014 values.

Commercial property makes up about 32 percent of all property in Sedgwick County.

Commercial property sales dropped from 585 to 541.

“Other than that, everything else is trending the right direction,” said chairman Jim Howell.

The vast majority of agricultural property valuations either stayed the same, 34 percent, or increased, 64 percent. But the most common type of ag land in the county is valued based on an eight-year rolling average, thus softening recent struggles in agriculture.

“It’s certainly due to the formula,” Borchard said of the numbers. “Currently, the ag market is somewhat flat or in decline.”

The county appraiser will send out valuation notices March 1 to property owners who saw a change in appraised value or property classification.

Those who saw no change can view their information online at www.sedgwickcounty.org starting March 1.

Property owners can appeal, no matter how their property values changed in 2015. Go to www.sedgwickcounty.org/appraiser/appeals.asp for more information on appeals.

Property taxes are the largest source of county revenue, and commissioners view this report as one of the first major steps in crafting next year’s budget. Their annual budget retreat is Thursday.

“The trend is certainly the right direction. It’s mostly positive,” Howell said. “However, it was marginal growth, and we’re certainly not back where we were before 2008. The economy is just not dynamic like we want it to be.”

He said the most “eye-opening” figure was the 6 percent increase in the median sales price for a home.

“That’s an enormous change in tax revenue for the county potentially, at least from that one source,” Howell said.

This story was originally published February 17, 2016 at 5:11 PM with the headline "More than half of Sedgwick County home values rose in 2015."