How does the assessors office determine market value?
Generally, the assessor compares your property value with sale prices of similar properties which sold recently in your neighborhood. “Similar” properties are those which compare in age, size, condition, number of dwelling units, location, and other features under guidelines established by State law. When there is no active market in a particular neighborhood, the assessor considers other factors, which also have a bearing on value of property. Such factors may include costs, depreciation, and income potential.
