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How do market changes impact assessments?

April 26, 2017assessments changes impact market

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How do market changes impact assessments?

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For example, four home owners purchased homes in Salina for $100,000 in 2002. Over the years, the value of real estate has changed. House “A” may now sell for $80,000, house “B” may still sell for $100,000, house “C” may now sell for $120,000 and house “D” may now sell for $160,000. Updating the assessments will reflect the new market values and will fairly distribute the tax burden based on the current market value of each property.