Property values on similar properties may change at different rates. The market value estimate is based upon physical and economic factors that may affect different properties differently. Maybe, but not necessarily. In fact, in recent years market values have risen but taxes have gone down for many properties in the city. The law specifically requires that assessors view each parcel of real estate to appraise its market value.
Property values change continuously with changing market conditions.
In addition to market changes, numerous physical changes affect the value of land and buildings. Such changes may include draining and clearing the land, improving the adjacent public streets and installing utilities, and adding to or remodeling buildings. All factors are considered in estimating the value of property. This requires physical inspection of all property subject to assessment. The Assessor also determines the classification, or use, of each parcel.