What is market value?
Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. The seller and buyer must be unrelated, the seller must be willing, but not under pressure to sell, and the buyer must be willing, but not under any obligation to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property. If all of these conditions were present, this would be a market value, arm's-length sale.

Show All Answers

1. What is the assessor's role?
2. What is the difference between real and personal property?
3. How does the assessor value property?
4. What is market value?
5. I've heard you develop appraised values by computer. Is this correct?
6. Can the assessment on my property be changed even if the assessor has not been inside my property?
7. Will I be penalized if I don't let the assessor in when an inspection is requested?
8. What will happen to my assessment if I improve my property?
9. Will my assessment go up if I repair my property?
10. How can my assessment change when I haven't done anything to my property?
11. Why does the City have to conduct a revaluation?
12. I've been told that everybody's taxes go up after a revaluation. Is this true?
13. Do all assessments change at the same rate?
14. How will my taxes change as a result of a new assessment?
15. Where do my tax dollars go?
16. Will I be notified if there is a change in my assessment?
17. How do I know if my assessment is fair?