How does the assessor value my real property?
A number of methods are used. The Assessor’s staff looks at new construction that has taken place, sales prices of comparable property located nearby, the condition of your property, and any other factors that can help place an accurate value on the property.

Three techniques are available:
  • Cost Approach - First, the value of the land is estimated, as if vacant. The assessor then adds the amount it would take to replace your structure with 1 of the similar utility, including current costs of materials and labor, profit, overhead, permit fees, and the like. If your structure is not new, the assessor then approximates depreciation from all causes, and subtracts that from the calculation of replacement cost.
  • Market (sales comparison) Approach - Your property is evaluated based on comparable properties that have recently sold, and is adjusted for differences such as a garage, finished basement, or better location. Where there are frequent sales and similarities in properties, this can be the most reliable approach for residential property.
  • Income Approach - This approach works well for apartments, shopping centers and office buildings. The assessor estimates potential gross income from rentals, then subtracts an amount for vacancies and operating expenses. The amount of net income is then converted to a value for the property, using a process called capitalization.

Show All Answers

1. What are assessment and reassessment?
2. How often is property reassessed?
3. What happens in the even year?
4. Is all property taxed?
5. Why is reassessment necessary?
6. Who is responsible for reassessing property?
7. What are the Assessor's qualifications?
8. What is market value?
9. How is my assessment level established?
10. How are the real estate classifications determined?
11. How does the assessor value my real property?
12. Will all property values change due to reassessment?
13. How does reassessment affect my taxes?
14. Will I be notified if there is an increase in my assessment?
15. If no improvements have been made to my property, why should the assessed value increase?
16. What if I disagree with my assessment?