What is fair market value?
Fair market value is determined by the activity in the real estate market and general economy. The best indicator of fair market value is market activity. It is the price most people would pay for the property in its present condition.

The assessors do what you would do to determine the value of your property. They research and analyze the recent sales in any particular area or neighborhood. Important factors are location, age condition, style, size, quality of construction, zoning, etc.

Show All Answers

1. What is a revaluation?
2. Is a revaluation necessary?
3. What is the role of the Department of Revenue in the revaluation process?
4. What is fair market value?
5. What period of time is used for the revaluation?
6. Are the assessed values adjusted between revaluation years?
7. Will the assessors inspect the interior of all the houses?
8. How do I know if my assessment is fair?
9. What if I do not agree with my assessment?
10. Are my taxes increased by a revaluation or an interim year adjustment?