Kansas City multi-family property tax before and after purchase

[Suzanne Nelson]

Hi all,

I am a Seattle investor looking to invest in multi-family properties (15-50 units) in the Kansas City metro area in Jackson County. For those who have purchased multi-family properties in the last few years, what are you seeing for the % increase from before your purchase to after, please? Any examples with the actual numbers would be greatly appreciated! We are getting some wildly differing numbers from brokers, sellers and lenders and having a hard time underwriting the deals.

Thank you! 

Suzanne

[Ron Jurgeson]

I also don't know if I really understand your question, but I'll take a stab at an answer. 

Assessed values for Jackson County are available on the web. Start at jacksongov.org and look for tax records or parcel viewer (two different ways to get data). As may be typical with government agencies, the assessment department is perhaps 12 to 18 months behind in getting those values updated with market changes. When a sale takes place, though, a certificate of value (COV) is supposed to be filed with the recorder of deeds. The assessment department gets this information and typically updates that fairly quickly (but only one assessed value is published at any time and MO uses a two-year assessment cycle). 

So the difference (percentage change you requested) would typically be whatever is posted presale versus whatever the sale price is. Sometimes, like in early to mid 2010s, the values actually went down.