![]() "A sale in which the buyer and seller are acting prudently, and the price is not affected by undue stimulus. These sales are used, as a guide to help determine what similar properties would likely sell for if they were placed on the market.Īn "arm's length transaction" is defined as: Only good sales, or arm's length transactions, are used in determining estimated market value. State law provides guidelines of sales to be used for assessment purposes. Sales AnalysisĮach year the Assessor analyzes all sales of property in each jurisdiction. Each classification is taxed at a different percentage of market value as set by state statutes. For instance, property may be residential homestead (owner-occupied), residential non-homestead, apartment, or commercial. The Assessor's Office determines the classification, or use, of each parcel. The estimated market value should be the most probable sale price of a property in terms of money in a competitive and open market assuming that a buyer and seller are acting prudently and knowledgeable, allowing sufficient time for the sale and assuming that the transaction is not affected by undue pressures. ![]() The estimate of market value is as of January 2nd of each year for taxes payable in the following year (Example: Januestimated market value is established for taxes payable in 2023). The Assessor's Office estimates market value and classifies about 55,000 residential and commercial parcels each year for property tax purposes. ![]() How is My Estimated Market Value Established?
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