We review how the agricultural ground is used, then use the soil type and apply PVD's value. The Division of Property Valuation reports that agricultural land values in Kansas will show significant increases when annual change of valuation notices are mailed next month. However, the formula for determining values is based on an eight-year average of productivity and income that is clearly outlined by Kansas law. Next year's values will be set by LNI statistics from 1993-2000. The new values are a direct result of lower interest rates and higher yields and prices from the last decade.
Market value is the most probable selling price of a property in an open market transaction.
Use valuation is based on the land's potential for productivity. Consequently, highly productive soils receive a higher value than moderately productive soils. There is no correlation between use value and market value. County appraisers in all 105 Kansas counties will mail the change of valuation notices by April 2. The Division of Property Valuation is in the process of planning regional public meetings to explain the increases in agricultural land values.