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).