How do trends in real estate affect local assessments?
General trends in property values are often discussed and written about. As part of the assessment process, the Office of the Real Estate Assessor 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, all properties are placed into neighborhoods that each have specific geographic and economic influences. It is the sales within each neighborhood that most affect the final values of properties.
