A pre-assessment form was mailed to every homeowner to ascertain additional information on each property along with data collectors, hired and trained to visit each property in Allegheny County. The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Generally, Buyers and sellers create the market and determine what the market value of properties are in any given neighborhood. The appraiser, in turn, studies the market and collects information about properties to make a fair estimation of value using the closest and most similar recent sales that are available. The assessor should follow the same guidelines as the appraiser to ascertain a fair market value for any property being assessed.
Market value can change for many reasons.
The most frequent cause of a change in value is a change in the market conditions. If an area's major industry closes, property values can decrease. As declining neighborhoods with good housing are discovered by new homebuyers, prices gradually rise. A shortage of good housing in a desirable neighborhood can send prices to extremely high levels. In a recession, larger homes may stay on the market for a long time, but more affordable homes are in demand, so their prices tend to increase.