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What are some other reasons for a property appraisal increase?

April 26, 2017appraisal increase Property reasons

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What are some other reasons for a property appraisal increase?

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• Improvement or New Construction: if you have built a house, commercial building, storage building, in-ground pool etc. you will receive an assessment notice showing the increased value due to the improvement • Value Update: The Board of Assessors is required by law to value property at “fair market value”. Additionally, the county may have to pay additional taxes or penalties to the state if property valuations fall below fair market value. Therefore, in order to keep property valuations within fair market value, property appraisals may be adjusted regularly.