HOW IS YOUR ASSESSMENT DETERMINED?
To arrive at “fair market value” for your property, the assessor must know what “willing sellers” and “willing buyers” are doing in the marketplace. He must also keep current on cost of construction in the area and any changes in zoning, financing, and economic conditions which may affect property values. The assessor uses the three nationally recognized appraisal approaches to value, those being cost, income, and market. This data is then correlated into a final value estimate by the appraiser. After your appraisal has been made, the appropriate percentage of value required by law is calculated as your “assessed value.”