How are real estate assessments determined?
Real estate assessments are based on the typical selling price of comparable properties and reflect the action of buyers and sellers in the local market. The Assessor’s office is responsible for reviewing market transactions and using the data to assess each property accordingly. Each year staff analyzes real estate transfers, of which the majority are residential properties. Additionally, transactions for previous years are examined. Sales information is gathered from recorded deeds, buyers, sellers, real estate professionals, and the selling prices are compared to the assessed value to determine an assessment/sales ratio. A neighborhood is selected for reassessment when its assessment/sales ratio is significantly below or above 100 percent. Once it is determined that an area must be reassessed, three valuation approaches, i.e., sales comparison, cost or income are considered. Typically, the sales comparison approach is chosen for residential properties. Comparable sales information is used as a basis for the assessment of individual properties after the transactions are carefully analyzed to consider differences in size, quality, condition, location and other amenities.

Due to the limited number of local commercial property transactions, regional and national information must be collected for analysis. Commercial properties are reassessed based on replacement cost data and market data, commercial potential rental income, occupancy levels and investor demands.

Show All Answers

1. Who establishes the tax rate?
2. How are real estate taxes calculated?
3. What is the effective date of annual assessments?
4. How do I know if my property assessment has changed?
5. Will home maintenance increase the assessment?
6. I received a Supplemental Notice for new construction done on my property. How are the taxes calculated?
7. What is the Tuckahoe Creek Service District?
8. Are properties reassessed every year?
9. Can I get a copy of a deed or plat from the Assessor’s Office?
10. How are real estate assessments determined?