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Answer Book
Property Value
Question:

How do you value real estate?

Answer:

Property values are created by individual transactions in the market place. The assessor's office must accumulate and analyze significant facts such as property characteristics, what similar properties are selling for, the cost to replace it today, potential rent income (if applicable) and depreciation. The appraiser then applies professional judgment in reconciling these findings and weighing any other influencing factors to determine the most accurate valuation.

In accordance with the Real Property Valuation Reform Act property values are reappraised, upon transfer, to reflect the current market value.

Question:

How do I contest the value of property?

Answer:

Property owners may file a written objection to value with the Office of Real Property Services (a) within ninety days of receipt of a notice of change in value or (b) if there is no notice of a change in value an appeal may be filed any time prior to the first penalty date for the tax year in which the taxpayer is seeking relief. An appeal submitted on or after the first penalty date will apply for the succeeding property tax year.

 

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