My next door neighbors have done work on their house – a new kitchen, new bathroom and an addition. How come their assessment has not gone up?
Assessments reflect the property condition and market value of the property on January 1 of the prior year. If, for example, your neighbors took out a building permit in December, and the construction work was not started until after January 1, the change in the market value of the property would not be reflected in the assessment until the following fiscal year. Sometimes, when there is a large construction project, it can take several years for the entire project’s market value to be reflected in the assessment. Each year the assessors would determine how much the market value of your neighbors’ home increased, based on how far along the construction was on January 1.
