What is the difference between the market value and assessed value of my property?
The market value of your property is generally defined as what your property would sell for under normal conditions. For residential properties, your assessor generally determines market values by comparing a property with similar properties that have sold in similar neighborhoods, giving consideration to other factors possibly affecting market value.

In many communities, where assessments are maintained at a uniform percentage of 100, your assessment is market value. In other words, your assessed value would equal market value. If your community is assessing at a fractional percentage of market value, your assessment should be based upon the percentage being used throughout the community. For instance, if the market value of your home is $100,000, and your community is assessing at 30 percent of market value, your assessment should be $30,000.

Show All Answers

1. Who is responsible for assessments and who is responsible for taxes?
2. What is the difference between the market value and assessed value of my property?
3. Won’t my taxes increase if my assessment is adjusted?
4. How does the assessor decide which assessments to change and by how much?
5. My assessment was adjusted last year, and it’s been adjusted again this year. Why?
6. Why does State Aid require 100 percent of market value?
7. If my home is physically re-inspected, do I have to let the assessor in?
8. How do I know that the assessor has the correct information about my property?
9. When will I know my new assessment?
10. What information is on the tentative assessment roll?
11. What if I disagree with the assessment on the tentative roll?
12. Where can I learn more?
13. What are the benefits to keeping assessments up-to-date each year?