March 26, 2019
The 2019 Change of Value notices were recently sent to all property owners in Morris County. The market value estimate of homes is derived from sales of similar type properties. Your individual value may go up or down based upon this and other factors such as condition, upkeep, etc.
One particular change for this year was land and home site values which are based upon actual land sales and the cost of development for that land to sustain an inhabitable home. Utilities, which include water, sewer,electricity as well as site preparation for the home to be situated upon are all part of the total home site and lot values for home occupied land. Some of these land values have not changed for many years. As a result, some land values have significantly risen as a result of this.
Agricultural land values rose and average of 12% from last year. These values, which are maintained and set by the Division of Property Valuation, are based upon an eight year average of landlord’s share of income/expense and then capitalized by a statutorily set capitalization rate.
Everyone is encouraged to review carefully their valuation notice and their property data characteristics which can be viewed on the Morris County website. The website is: www.morriscountyks.org. Browse to the county appraiser page and click on property data.
If anyone has questions or concerns in regards to the data currently on file of their property or believe that the estimate of value doesn’t reflect its fair market value, please feel free to contact the county appraiser’s office at 620-767-5533. The staff is more than willing to visit with anyone about this.