Property Valuation Process

Property Valuation Process

Comparable Sales

An 18-month base period is used for property assessment. If there are not enough sales during that time, up to five years of data can be used for comparison purposes. The official appraisal date is June 30 of the year prior to the reappraisal year. As an example, for the current 2021-2022 tax year, the base appraisal period was July 1, 2018 – June 30, 2020; and June 30, 2020 was the official appraisal date.

Assessment Information

Property information gathered for the valuation process includes ownership, location, use, sales, building and property measurements, construction type and costs, and rental income (if applicable).

The sources include real property deeds and declarations, subdivision maps, building permits, local building contractors, property owners, declarations filed by owners of taxable personal property, and onsite inspections by staff.

A property’s value may increase or decrease as a result of physical changes. Improvements such as new rooms, a finished basement, or extensive remodeling and modernization will increase the value. Paint, a new roof or repairs may not increase the value of a home, but will keep it in good condition so the value does not drop.

Valuing Residential Property

The Assessment Rate for Residential Property is 7.15%.

The Market Approach

By law, residential properties must be valued by the market approach. This predicts the price a property would bring on the open market in a transaction between a willing, informed, and knowledgeable buyer and seller. It includes a review of comparable sales in the study period and may include Time Trending for estimating the current market value of a property.

Factors in Comparing Properties

The central factors used for property valuation:

  • Location
  • Living Area
  • Age
  • Finished Basement

Valuing Non-Residential Property

The Assessment Rate for Non-Residential Property is 29%.

Non-residential property is appraised using three combined factors: the market approach, the cost approach, and the income approach. Information gathered on individual properties, comparable sales on similar properties, replacement cost, location, availability of services, and rental rates may all be used.

The Market Approach

Predicts the price a property would bring on the open market in a transaction between a willing, informed, and knowledgeable buyer and seller, using sales of like properties to determine actual value.

The Cost Approach

Estimates the material and labor costs to replace a building with a similar one. If the building is not new, the appraisal must consider its age and how much it has depreciated over time.

The Income Approach

Is used for properties such as stores, office buildings, and warehouses. This method considers the landlord’s income and operating expenses and the financial return most people would expect from a given type of investment property.

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