Why is the fair market value of property important?
In communities experiencing residential and/or commercial growth, it is important to keep property values current to ensure equitable taxation of all property in the County. Not all property values increase or decrease at the same rate. Values are based on the desirability of the community (actual sales of record made by citizens of the County) and may differ greatly by area within a community. As new construction occurs, the rate tables (established values per square foot/property type) that were established during the previous reassessment are applied to the new structure by the Commissioner of the Revenue. Therefore, the new construction value may not reflect the sales market value that existed at the time of the creation/construction of that property. In essence, in a community with desirable property and growth, new construction “gets a break” at the older rates until the next assessment is conducted.
