How is the assessed value determined?

Assessed values are based on market activity within a given area or neighborhood. Market activity (sales data) is used to establish fair market value. The fair market value of a property is defined as the price most people would pay for the property on the open market. Generally, the following steps are used in determining a property's fair market value:

  • An on-site inspection of the property is conducted.
  • Sales information is collected and analyzed.
  • A comparison is made between properties that have sold and similar properties in the neighborhood.

Show All Answers

1. Who establishes the tax rate and what is the tax rate?
2. How are real estate taxes calculated?
3. What is the effective date of annual assessments?
4. How do I know if my property assessment has changed?
5. Will home maintenance increase the assessment?
6. How does fire damage, storm damage, demolition, etc., affect a property's assessment?
7. How can my assessment increase or decrease even when there have been no changes made to the property?
8. Are properties reassessed every year?
9. How is the assessed value determined?
10. What is meant by the term "assessment ratio"?
11. What is the required ratio of assessed value to fair market value?
12. How do I access property assessments and record information?
13. What should a property owner do if they disagree with their assessment?
14. Is the commercial tax rate the same as residential?