HOW IS YOUR ASSESSMENT DETERMINED?
To find the fair market value of your property, the assessor looks at what buyers and sellers are actually paying for similar properties. This shows what people are willing to pay in the open market.
The assessor also keeps up with building costs in the area, as well as changes in zoning, loans, and the economy that could affect property values.
To decide the value, the assessor uses three common methods:
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Cost approach – what it would cost to rebuild the property today
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Income approach – how much money the property could earn
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Market approach – what similar properties are selling for
After reviewing all this information, the assessor decides on a final value. Then, the percentage set by law is applied to that value to determine your assessed value.
