How does the assessor value real estate for taxation purposes?
The assessor determines the market value of property in its existing condition and its use as of the valuation date, using appraisal methodologies (such as income capitalization, sales comparisons, and cost) that are applicable to the property’s particular characteristics and tax class. Some appraisal methodologies are legally mandated; others are discretionary. The purpose of the assessment system is to ensure that each property bears its fair share of the tax burden.
