How did OPAC establish the assessed value of a property?
The real estate market determines the value of properties. OPAC analyzes market information from similar types of property in an area to establish a property’s value. Any one of three methods may be used for this analysis: the selling price of a property (residential), the rental income a property generates (office building), or the cost to replace a property (industrial). Each method takes into consideration the location of a property, the size and quality of any buildings, and features which might add to or take away from a property’s value.
