The City currently assesses on a three year cycle. Assessments are completely revamped triennially, and certified by the State. The subsequent two years see percentage adjustments by property type and district, based upon the previous year's sales patterns. The interiors of all condo units are currently being inspected. Building permit data is reviewed.
Market data is critical because it is the foundation for all methodologies.
Therefore, all sale properties are inspected and circumstances are reviewed. Rent and expense data is solicited annually from commercial owners. The City utilizes a multiple linear regression statistical technique, which, by analyzing sale properties, seeks to ascertain which property characteristics contribute how much to property value. Condos are valued utilizing sales within a building. If sales did not occur, then sales in comparable buildings are used.