5320 How to Determine the Value of Real Property

The fair market value of real property in Kansas is determined by the use of the State appraised market value for the current tax year. The appraised value of the property is used to establish fair market value. Other valuations pertinent to taxation, such as the agricultural use or the assessed value, are not used for this purpose.

If the property has not been appraised, is located out of state, or the value is under appeal,an estimate of its value shall be obtained from a knowledgeable source. Examples of knowledgeable sources include real estate brokers and realtors; local office of the Farmer's Home Administration (rural land); banks, savings and loan associations, mortgage companies and similar lending institutions; reliable private assessors, If the market value of the property as established by either of these processes is not satisfactory to the client or the agency. Either party has the right to request an estimate or appraisal from a disinterested real estate broker. The cost of the estimate or appraisal, if any, shall be the responsibility of the agency.