The Johnson County Appraiser’s Office has released the annual Notices of Appraised Value (NOAV) for 2020, with more than 200,000 notices mailed to residential property owners today, Monday, Feb. 24. In Johnson County, 87% of residential values increased for the 2020 valuation year. The average increase across the county is around 5% (excluding sales and new construction) and 84% of residential property values increased by 10% or less.
On or before March 1 each year, the County Appraiser mails NOAV to real estate property owners. The residential notice provides the current year and prior year history of property valuations.
By state law, property is appraised at fair market value as it exists on Jan. 1 of each year. Fair market value means the amount that a well-informed buyer is justified in paying and well-informed seller is justified in accepting in an open-competitive market. A property’s appraised value will go up or down depending upon the local housing market. When supply is low and demand for homes is high in the area, property values go up. The County Appraiser uses local market sales data to generate a property value and analyze the property based upon its age, size, style of construction and replacement cost. To stay in compliance, the County Appraiser must appraise homes within 90-110% of their value.
The 2020 Johnson County Appraiser’s Office Revaluation Report, February 2020, will be available online the first week of March. In 2019, the County Appraiser’s office introduced a residential online appeal option and an updated webpage. The online appeal uses a unique PIN provided to the property owner on the mailed NOAV. The deadline for residential appeals is March 25. The deadline for commercial appeals is March 11.
See this news release for additional information