Why do assessed values change from year to year?

When market value changes, naturally so does the assessed value. For instance, if you were to add a garage to your home, the assessed value would increase. However, if your property is in poor repair, the assessed value would decrease. The assessor has not created the value. People make value through their transactions in the marketplace. The assessor simply has the legal responsibility to study those transactions and appraise your property accordingly.

Show All Answers

1. What is market value?
2. Why have a property tax?
3. How is property appraised?
4. Why do assessed values change from year to year?
5. How does assessed value affect the tax rate?
6. What are your rights and responsibilities?