The value is based on current costs to replace the property minus accumulated depreciation. This is an efficient and fair method for determining the values of land and homes when being performed on a large amount of properties. State law requires assessor's throughout the state to reassess all the real property liable for taxes every odd numbered year. This is a large undertaking, but keeps property assessments consistent with the actual events that are occurring in the open real estate market for Jefferson County. Personal property is updated every year.
Some assessments do go up regularly.
In a fast growing county like Jefferson, property values are increasing at a steady pace due to many factors such as supply and demand and cost of construction. The economy has a lot to do with the performance of the real estate market. Unfortunately, there is no cut and dry rule. Most equipment and Structures do decrease in value the older they become. However, some of this property actually increases in value, such as classic and collectible cars, airplanes, and land.