Marty McGee of the Municipal Assessors office. A local tax cap still limits the amount of taxes that the Municipality can collect. If a sales tax were implemented, that would not allow taxes beyond the level of the tax cap to be collected. Value is estimated in the same manner as real estate fee appraisers by looking at market value. This is done using computer models and the physical examination of 91,000 pieces of property every year.
Commercial properties are more difficult to appraise, as they don t often change hands.
Therefore replacement costs, rent or lease collected, is used to establish the rate. There is an appeal process that must take place within thirty days. If an appeal is issued, the property is physically examined. An appeal board ultimately makes the determination if an appeal is issued. 4-plex properties will se an increase in taxes as the current methodology is being revised.