Market Study Analysis

January 6, 2021

RESULTS OF MARKET STUDY ANALYSIS
FOR MORRIS COUNTY
FOR THE ASSESSMENT YEAR 2021 
PURSUANT K.S.A. 79-1460a

Annually, at least ten business days prior to the mailing of change of value notice pursuant to K.S.A. 79-1460a, and amendments thereto, the county or district appraiser shall cause to be published in the official county newspaper the results of the market study analysis as prescribed by the Director of Property Valuation of the Kansas Department of Revenue.

Morris County utilizes one model for market estimates. Homes built before 1945 and those built 1945 and after are differentiated within this model. This is called age modeling and the trends related to each are as follows:

A study of Morris County residential real estate market for older houses, i.e., built before 1945, indicated that there is an overall inflationary trend of 3.0% per year.

A study of Morris County residential real estate market for newer houses, i.e., built after 1945, indicated that there is an overall inflationary trend of 3.8% per year.

A study of Morris County commercial real estate indicated that the market is stable with no general upward or downward trend.

A study of Morris County real estate market for vacant lots indicated that the market is stable with no general upward or downward trend.

Values on specific properties may not follow indicated trends because of changes in the property, correction of data or adjustment of value based on sales of similar properties. Some properties may increase to a greater rate while some properties may decrease or change in valuation only slightly.

Agriculture land values have been established by the Division of Property Valuation and Kansas State University. In accordance with the provisions in K.S.A. 79-1476, the Division of Property Valuation is required to annually furnish each county the results of its study related to changes, if any, of the use value of agricultural land. Changes can and do occur as a result of several factors including cropping practices, commodity prices and production costs.

Ryan T. Michaelis,  RMA
Morris County Appraiser