07 Dec Kansas Dept. of Revenue Releases 2024 Grain Elevator Guide
The Kansas Dept. of Revenue (PVD) has released its 2024 Grain Elevator Guide and valuation template. In 2023, PVD issued requests for proposals for a review, update and/or rewrite of the grain elevator guide for 2024. Below is information Kansas Grain and Feed Association received from PVD on Dec. 7, 2023.
“After an unexpected delay in the RFP process, an appraisal vendor was secured and contracted to provide the update. A copy of the updated grain elevator guide was received from the vendor last week. PVD has decided to postpone the implementation of the vendor-revised guide until the 2025 tax year. Among the many factors contemplated in this decision were the end of year or late cycle delivery, the lack of time to thoroughly review the updates/changes in the guides and worksheets, the inability to thoroughly test and analyze results, and the inability of county and industry representatives to review and provide input.
Therefore, the data and methodology utilized in the 2023 grain elevator guide has not changed and remains in effect for the 2024 published guide (attached). PVD has made updates to valuation years and dates, but the worksheet data, methodology, and M&S costs have not changed.
Counties may choose to use the 2023 valuation template for an elevator property, but users should be aware changing the valuation year in a 2023 valuation template may affect the depreciation in the cost approach for structures that have not fully depreciated. The change to the year should not affect the sales comparison approach methodology. Please note the M&S costs will not be updated until the vendor revised version of the guide is implemented for 2025.
Finally, grain elevator workshops currently scheduled for January could change dependent upon student demand since there were no changes from the prior year guide. The PVD Education section will keep enrolled students informed. This information will also be updated on the PVD and Orion websites soon.” Please contact your association with any questions or concerns. KGFA’s senior vice president of government affairs and general counsel, Randy Stookey is available by phone: 785-234-0461 or by email randy@kansasag.org.