THE INDEXKC- LEAVENWORTH COUNTY KANSAS MARKET UPDATE
Weekly KC Metro Market Update
Leavenworth county’s average days on market have risen to 28% more than the average days on market for the metro. Average list values and average sales values continue to draw closer together at a rate faster than the balance of the metro.
Both of these trends make sense when tied to mortgage interest rates easing clightly, and the rising cost of fuel .
Sellers, get your home on the market while rates are a full 1% lower than 1 month ago. Buyers, prepare yourselves for fewer crazy offers, and the opportunity to negotiate again!
The Leavenworth County Commission is scheduling the 2023 budget hearing for August 24th at 9:00 AM in the Leavenworth County Courthouse. The County Commission, despite facing record inflation, is proposing reducing the county-wide mill levy by one-quarter of a mill. This is the fourth time in the past five years that the Commission has reduced the mill levy. The total ad valorem taxes on your home varies depending upon which area of the County you live in. With 53 different taxing districts in the County, the best way to see which entities collect and how much is to review your tax bill. In general, the County’s portion of your tax bill is between 25% to 40%. The proposed county-wide mill levy is 36.421 mills. One mill is equal to $1.00 per $1,000 of assessed valuation. Assessed valuation is calculated by taking the appraised value of a home times 11.5%. For example, a home appraised at $300,000.00 has an assessed value of $34,500.00. That home would pay $1,256.53 in county taxes based on the proposed 36.421 mill levy. County taxes are used for services like road maintenance, snow removal, law enforcement, emergency medical services, and numerous administrative services. The use of property tax to fund services breaks out like this for 2023
Check out the number of price reductions and the watch the days on market continue to extend as the market shifts….The shift is driven by several factors; rising mortgage interest rates, falling numbers of new build permits, buyer pool exhaustion/contraction….and the wild card, inflation.
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers!