Frequently Asked Questions
Below you will find information that might help you understand how to find things or learn about information you might need to know about your city or town.
Assessing - Aspects of Property Valuation
8-
Assessing - Aspects of Property Valuation
There is a spreadsheet, listing many of the relevant factors which go into the assessment, on this website under Fiscal Year 2025 Information. Also, Property Record Cards, which contain ownership information, visit history, land and building details, and other factors, and which display a property’s valuation, are available on this website.
Powered by Froala Editor
-
The assessor collects many data elements about a property in order to develop the total valuation. The most significant factors in determining the value are:Assessing - Aspects of Property Valuation
- Age of the Building(s)
- Condition
- Land Area
- Location
- Size
- Style
- Quality
Other factors include amenities or detriments on the land as well as features in the building such as:
- Fireplaces
- Interior/Exterior Finishes
- Jacuzzis
- Number of Bathrooms
- Saunas
- Type of Heating/Cooling
- Other Special Features
Also considered are detached structures. -
The best comparisons are to properties that have sold that are the most similar in the most aspects to your property. You can also compare your property’s assessment to the assessments of the most similar properties. Although properties will most likely never be a perfect match, assessments for similar properties should fall in a close range of valuations.Assessing - Aspects of Property Valuation
-
Assessing - Aspects of Property Valuation
The assessed value represents the estimate of market value of the property. The real estate market changes constantly. The assessment for fiscal year 2025 represents the estimate of market value as of January 1, 2024. This estimate of market value is determined by examining sales of properties from calendar year 2023. Although there may not have been any physical changes to the property, buyers may be paying more or less for properties than they were in previous years. The assessment changes reflect the changes in the purchase prices of similar homes in the neighborhood. The assessments do not predict market value. The assessments reflect (or report) market value. The real estate market can change dramatically from year to year. Buyers and sellers determine the market value of properties. The assessments reflect what the buyers and sellers are doing as of the assessment date.
-
Historical sales have indicated that larger properties sell for more than smaller properties with all other factors being equal. If an addition is put on a home, the house becomes larger. The assessors would then have to see what similarly sized properties were selling for in the neighborhood. It is highly likely that the assessed value of your property will increase once the addition is put on the property. Generally speaking, improvements that increase the market value of a property will increase the assessment.Assessing - Aspects of Property Valuation
-
Market value changes occur in many forms. From year to year economic conditions and local factors change and influence the values of different classes of property in different ways. Buyers have different requirements and these requirements sometimes change from year to year. Renovations may have been performed on a property that would cause a change in assessed value different from a similar property that did not undergo renovations.Assessing - Aspects of Property Valuation
A recent inspection by the Assessor’s office also may have contributed to a change in assessed value, perhaps adding something that had been missed or reducing something that was overstated. Your style or size or land area or other factor(s) may differ from your neighbor’s and that caused the valuation changes to differ. -
The first step in comparing properties is to examine the factual components of each property. Many times properties that appear larger are in fact much smaller than people think. Quality characteristics should also be examined when making comparisons. Ultimately, the assessors have to determine if the assessment represents market value on the subject property and also if the assessed value on the neighbor’s property represents market value.Assessing - Aspects of Property Valuation
If a neighboring property is too low in relation to surrounding properties, the assessors cannot compound their low assessment by also lowering surrounding properties. The resolution may be that the assessors have to raise the neighboring property’s assessed value to make it more in line with the surrounding properties. The most important criterion the assessors examine in an abatement request is the market value of the property of the person filing the abatement and the market value of any property that the person filing the abatement mentions on the application. -
The real estate market is not a “perfect market” and price is not always equal to value. Similar properties usually do not sell for exactly the same price because the motivations of buyers and sellers are not always similar. Similar properties usually tend to sell within a “value range” rather than for one specific price. According to the definition of fair market value, your value represents “the most probable selling price” and tends to be the middle of the range of what similar properties have recently sold for. Therefore, your appraised value could be higher or lower than what you actually paid for your property.Assessing - Aspects of Property Valuation
In addition, state laws (statutes) require that real estate be assessed at 100% of market value as of January 1st immediately preceding the current fiscal year. This is the assessment date. The sales considered in order to determine the market value are those that took place during the calendar year prior to the assessment date. If your sale took place subsequent to the assessment date, it will be in the group of sales analyzed in the preparation of the following year’s valuations, and is not relevant to the current year’s valuation.