What is Market Value?

It is best described as the most typical price expressed in terms of dollars that a property would bring if exposed for sale to the open market in an arm's length transaction between a willing buyer and seller; where both are knowledgeable about the potential uses, and neither party is under any duress to sell or buy. The assessor's office verifies each sale to ensure it represents market value.

Show All Answers

1. How do I know if I qualify for property tax exemptions?
2. I received a letter claiming my property taxes are going up and that I could save money by hiring a law firm to assist with my appeal. What does this mean?
3. When will I get my property tax bill and when are my property taxes due?
4. Will my tax bill change?
5. Do I need to hire a lawyer to appeal my Real Estate Assessed Value?
6. Do I need to attend my appeal hearing?
7. How long does Administrative Reviews take?
8. What happens after I submit my appeal?
9. How do I file a Board of Equalization Appeal?
10. How do I request an Administrative Review?
11. What are valid reasons to request an Administrative Review?
12. How do I know if I should file an appeal?
13. Why do some properties increase more in value than others?
14. How can my property value change when I haven't done anything to my property?
15. Can property values change before the next revaluation?
16. What if my house was still under construction on July 1, 2023?
17. Why isn't the "Deferred Amount" for land use or real estate rehab credits noted on the Notice of 2023 Real Estate Assessed Value?
18. What do I do if I feel like my property value is too high or too low?
19. How can I find my property information?
20. When will I get my Notice of 2023 Real Estate Assessed Value?
21. Who assesses my property? How are they trained?
22. How does revaluation affect my taxes?
23. What is Market Value?
24. Why does the State Code require a revaluation on a regular basis?
25. How are properties valued?
26. What is revaluation?
27. How can my property value change when I haven't done anything to my property?
28. Why isn't the "Deferred Amount" for land use or real estate rehab credits noted on the Notice of 2023 Real Estate Assessed Value?