Fair Market Value

Residential, commercial, industrial, agricultural real and personal property are appraised at 100% market value. Market value of a property is an estimate of the price that the property would sell for on the open market on the first day of January of the year of assessment. This is often referred to as an “arm’s length transaction” or “willing buyer, willing seller” concept. The assessor must determine the fair market value of real and personal property.

Why Value Changes
After properties have been appraised, the values are analyzed to ensure accurate and equitable valuation. Changes in market value as indicated by research, sales ratio studies, analysis of local conditions, as well as economic trends, both in and outside the construction industry, are used in determining property values.