What is the definition of a Valuing Property?
Estimating the market value of your property is simply a matter of determining the price most people would pay for it in its present condition. To find the value of any piece of property, the Assessor must first know what properties similar to it are selling for, what it would cost today to replace it, how much it takes to operate and keep it in repair, what rent it may earn, and many other dollar factors affecting its value, such as the current rate of interest charged for borrowing the money to buy or build properties like yours. Using these facts, the Assessor can then go about estimating the property’s value in three different methods: market approach, cost approach, or income approach.
