| Value Method |
Override Reason |
Explanation |
| COST |
|
Value derived by adding the land value to the estimated replacement cost new of each building and improvement, less the loss in value from all sources of physical deterioration and obsolescence. |
| IDXVAL |
|
Prior year’s final value trended by a factor derived from a statistical analysis of market trends affecting the property in a given market area using sales data from the previous 18 months. |
| MKT |
|
Value derived by comparing recently sold properties (comps) that are similar to the subject property, to the subject. Adjustments, derived from an analysis of the market, for characteristic differences between each comp and the subject are made. These adjusted sale prices are then correlated into a value indication for the property. The adjustments made should reflect the contributory value for each characteristic deemed to be appropriate to the subject’s market. |
| MRA |
|
Multiple Regression Analysis is a statistical tool that can be used to develop a valuation model for delineated market areas, usually a neighborhood or group of neighborhoods referred to as a model area. Multiple Regression Analysis allows for defining the relationship between property characteristics and sale prices. Property characteristics contributing to value are identified and the summed contributory value of each, as defined in the model, becomes the value estimate from this approach. |
| PRIOR |
|
If the market is stable, the county appraiser may select the appraisal estimate developed for the prior year. |
| OVR |
2024 PUP |
Payment-Under-Protest (PUP) appeal from the year state that did not change from that year. |
| OVR |
24 BOTA |
BOTA appeal result from the year stated that did not change from that year. |
| OVR |
24 Informal EQ Hearing |
Informal Appeal result from the year stated that did not change from that year. |
| OVR |
25 Informal EQ Appeal |
Informal Appeal result from the current year and may be changed in a future year. |
| OVR |
5% CAP per KSA 79-1460 |
Value for current appraisal has been capped at 5% increase because of a prior year appeal per KSA 79-1460. |
| OVR |
Cost Override |
95% of the Cost Estimate rounded to the nearest $10. |
| OVR |
Current value is within model parameters |
Commercial property that prior year's value is still within the current year model parameters and did not warrant a change in value. |
| OVR |
Data Correction |
Data was corrected on the record after the creation of value notice that affected the current year appraised value. |
| OVR |
Four (4) Year Index |
Prior year’s final value trended by a factor derived from a statistical analysis of market trends affecting the property in a given market area using sales data from the previous 4 years. |
| OVR |
Income |
Value derived for the present worth of future benefits to be derived from the income produced over the remainder of the property's economic life. The approach uses capitalization to convert the anticipated income stream into an estimate of present value. |
| OVR |
Market Override |
95% of the Market Estimate rounded to the nearest $100. |
| OVR |
MRA Override |
95% of the MRA Estimate rounded to the nearest $100. |
| OVR |
Partial Completion |
Permit was not completed prior to January 1st of the current appraisal year. Value is based on that partial completion. |
| OVR |
Pending BOTA Appeal |
Property has an active Board of Tax Appeals (BOTA) appeal outstanding from prior year(s) and value is still reflective of current market conditions and did not warrant a change. |
| OVR |
Previous Year Hearing Value |
If the appraised value for the prior year was due to a final determination made pursuant to the valuation appeals process. |
| OVR |
Sales Estimate |
Value chosen was taken from the Commercial Sales Benchmark and used to calculate a sales estimate of value. |
