A. Properties are valued by identifying the characteristics of sold properties and comparing them to those properties with similar characteristics which have not sold. Some properties are unique or have not had similar properties sell in the vicinity. The appraiser may then use a replacement cost less depreciation method of establishing value, or an income approach for commercial property. The Assessor is required to appraise all real and personal property at market value. Market value is the most probable price expressed in terms of money that a property would bring if exposed for sale in the open market.
Market value is determined by analyzing recent sales of comparable properties.
The Assessor then establishes the value of all properties throughout the county based on this sales analysis. Individual property values will increase or decrease depending upon the market value of similar properties. In general, those sales in which the properties are closest in location, size, quality and condition, will be the best comparable to establish market value. A. Neighborhoods for some properties are larger geographic areas. The more unique the property, the greater distance one may need to go to find a similar property that has sold.