The Kansas Department of Revenue, in collaboration with the Kansas Grain and Feed Association (KGFA), is set to release an updated Grain Elevator Valuation Guide for 2025 by the end of the year. This revised guide incorporates significant changes aimed at refining the assessment process for grain elevators, following a year of coordinated efforts between KGFA, the Property Valuation Division (PVD), and industry stakeholders.
Among the key updates in the 2025 guide are adjustments to sales data and cost tables. The cost tables, sourced from Marshall and Swift, will now be refreshed every two years, ensuring valuations remain up-to-date with industry standards. The new sales data approach also distinguishes between real property and personal property, such as machinery and equipment, enhancing accuracy in comparable sales without additional calculations.
The guide will also feature a notable change to depreciation allowances, increasing the maximum depreciation to 95%, up from the previous 90%. Additionally, a new "Functional Obsolescence" feature in the PVD calculation worksheets will allow assessors to lower the value of aging bins with limited functional capacity, addressing industry concerns about older facilities.
The Kansas Grain and Feed Association has welcomed these adjustments, as they reflect ongoing efforts to improve the accuracy and transparency of grain elevator valuations. The updates align with a more efficient and fair approach to property assessments, supporting both industry growth and regulatory compliance.
