The market value of real property is based on the current real estate market. Market price is defined as the most probable sales price. The appraiser does not create the value. Citizens establish the value by buying and selling real estate in the open market. The appraiser has the responsibility to evaluate those transactions and appraise your property equitably with similar surrounding properties.
Differences exist between individual properties and between neighborhoods.
The sales in one area may indicate a substantial increase in value during a given period while another neighborhood may experience no change in value, or even a decrease in values. Also, different classifications of properties within the same neighborhood may experience different market demand. For example, colonial style homes may be in more demand than contemporary style homes, or newer homes within a neighborhood may be rising in value more quickly than older homes. Additions or alterations may result in a change of value. The property tax is part of a well-balance revenue system that enables County residents to share in the cost of police and fire protection, public education, parks and recreation, and other services.