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How is property valued for tax purposes?

April 26, 2017Property purposes tax Valued

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How is property valued for tax purposes?

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All property is valued annually on January 1st. Most property is valued based on the fair market value. Exceptions are land devoted to agriculture which is valued according to current use; commercial and industrial machinery are valued based on a formula set forth in Kansas laws.

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All property is valued every January on the first. Most property is valued based upon its fair market value. Exceptions are land devoted to agricultural use, whose value is based on its income or productivity, commercial and industrial machinery, and equipment valued based on a formula set fourth in Kansas laws. For more information, contact your County Appraiser or the Kansas Division of Property at (785) 296-2365.