Who determines Market Value?

People. You and the person who sold the house to you or the person who is willing to buy it from you. People make the market. People determine value. The Revaluation's job is to research and estimate market values. It is not merely a guess. All legitimate sales for the year proceeding October 1, 2021, are used to develop guidelines. Also, the Revaluation will take into account many factors in order to estimate market value. A few of the other factors considered are local market conditions including; size and quality of the construction; the age of the building; condition of the improvements; improving or deteriorating neighborhood; zoning regulations and so on. (Naturally, there are different sets of considerations for industrial and commercial property).

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1. What is a Revaluation?
2. Why conduct a Revaluation?
3. What does a Revaluation do?
4. What is Market Value?
5. Who determines Market Value?
6. Isn’t what I paid for my Property Market Value?
7. When will I find out what my new Market Value is?
8. Why doesn’t the notice I will receive tell me how much my taxes will be?
9. How do I decide if my New Market Value is okay?
10. Will all property values change?
11. What sales did you use to value my property?
12. What if I don’t agree with my New Market Value?
13. If I still don’t agree, can this be resolved without the expense of going to court?
14. What if I’m not satisfied with the decision of the Board of Assessment Appeals?
15. What about the Elderly and other hardship cases?
16. Is there anything I can do to help during the Revaluation?