What are the steps used by the Assessors when appraising my property?
We use 3 approaches in appraising your property:
  1. Sales Comparison: This approach is based on sales prices of comparable properties. This includes sales between individuals and also bank sales (sales from financial institutions to individuals). Foreclosures are not used in the determination of Fair Market Value.
  2. Cost Approach: is based on the estimated costs of replacement or reproduction of structures, less accumulated depreciation, plus value of land.
  3. Income Capitalization Approach: This approach is based on how much income a property can potentially produce. This approach is most commonly used on commercial property.

Show All Answers

1. My assessment notice has an estimate of taxes on it. Can I pay it now?
2. If I disagree with my appraised value, are there any avenues for appeal?
3. Can I appeal my valuation via email?
4. What are the costs for a Superior Court appeal?
5. Who appoints the Board of Tax Assessors?
6. What laws govern the Tax Assessor's Office?
7. What is the meaning of ad valorem property taxes?
8. What is a millage rate and who sets these rates?
9. How are my taxes calculated?
10. What is the meaning of the term "tax digest?"
11. What determines an individual property tax amount?
12. Who determines the value of my property for tax purposes?
13. What are the steps used by the Assessors when appraising my property?
14. What is the difference between sales price and market value?
15. If my property value and assessment remain the same, can my tax bill change?
16. Do I get an exemption because I own a home and live in it?
17. Are there any other special exemptions?
18. What latitude does the Board have to extend deadlines for filing Freeport or Homestead exemptions?