How does the local Assessor estimate market value?
To estimate the market value of your property, the local Assessor generally uses three approaches. The is to find properties that are comparable to yours which have sold recently. Local conditions peculiar to your property are taken into consideration. The Assessor also uses sales ratio studies to determine the general level of assessment in a community, in order to adjust for local conditions. This method is generally referred to as the MARKET APPROACH and usually considered the most important in determining the value of residential property. The second approach is the COST APPROACH and is an estimate of how many dollars at current labor and material prices it would take to replace your property with one similar to it. In the event improvement is not new appropriate amounts for depreciation and obsolescence would be deducted from replacement value. Value of the land then would be added to arrive at the total estimate of value. The INCOME APPROACH is the third method used if your prope
