How do trends in real estate affect assessments?
A. General trends in property values are often discussed and written about. As part of the assessment process, the department reviews data about real estate trends in the region and in the City. However, we rely primarily on data from the sales of properties similar to the group of properties that we are valuing. As part of these analyses, residential properties are all placed into study groups that are identified by a four-digit number. You will find your study group number on the fist line of your assessment notice. The first two digits identify the Small Area Plan in which your property is located; the last two digits identify the properties the department determined are most comparable to yours. It is the sales of property in your study group that most affect the final value of your property. Commercial properties are more complex in nature than residential property. There are trends in the national marketplace and region that affect each class of commercial property. As with resid
