GENERAL INFORMATION

What is Market Value? Market Value of a proprety is an estimate of the price that it would sell for on the open market on January First of the year of assessment.

How does the Assessor estimate Market Value? To estimate the market value of your property, the Assessor generally uses three approaches:

1) find properties that are comparable to yours which have sold recently.

2) an estimated cost of what it would take to replace your property with one similar to it.

3) an estimate of the income produced from the use of the property.

Why does the value change? State law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd numbered years. Changes in market value as indicated by research, sales ratio studies and analysis of local conditions, as well as economic trends both in and outside the construction industry, are used in determining your assessement.