What is Market Value?
Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
How is Market Value Estimated?
To estimate the market value of your property the Assessor generally uses three approaches:
Why do Values Change?
State law requires that all real property be reassessed every two years. The current law requires the reassessment to occur in odd numbered years. Changes in market value as indicated by research, sales ratio studies and analysis of local conditions, as well as economic trends both in and outside the construction industry, are used in determining your assessment.
*"The Dictionary of Real Estate Appraisal," 3rd Edition, Appraisal Institute, 1993, p. 140.