Johnson County residential property valuations hit mailboxes this week
More than 200,000 Notices of Appraised Value were mailed to Johnson County property owners Monday, Feb. 27. In the county, about 90% of residential values increased for the 2023 valuation year, which reflects a robust residential real estate market in 2022.
The average increase across the county is around 12% (excluding sales and new construction), and approximately 42% of residential property values changed by 10% or less or experienced a reduction in value.
“We continue to experience a seller’s market in Johnson County, due to the low inventory,” said Johnson County Appraiser Beau Boisvert. “This was also the situation in 2020 and 2021, and similar real estate trends are expected as we continue into 2023.”
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. To stay in compliance, the County Appraiser must appraise homes within 90-110% of their value.
Homeowners will find on the back of their NOAVs information about the appeal process should they disagree with the appraised value. NOAVs can also be accessed online.
Learn more about NOAVs and the appraisal process. View the map below for further details about which parts of the county experienced increases and by how much.