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| Assessors
Role |
The
assessor's role is to determine the value of the property
but not to determine the amount of the taxes. The more
correct name for a tax assessor is a "Real Property
Assessor". The assessor determines the fair market
value of your property. This can be done in three different
ways:
- Market Value. It compares value of property to that
of similar or comparable properties. This also looks
at the highest price a property would make if it were
on the open market. It is important to remember that
sale's comparisons are based on arms length samples
i.e. the only connection that buyers and sellers have
is the home sale. This is in an effort to make the
assessment fairly.
- Income. How much would the property cost if it
were rented? The assessor includes such things as
the current market rental rates, vacancy rates, insurances
and maintenance costs associated with the property.
- Cost Approach. This is based on the cost of actually
replacing the property minus depreciation. It is the
most difficult to compute and thus the least favored
method by assessors.
If your assessment does not appear to be fair or you are
not satisfied, you may go to the assessor's office to
review how the assessment was calculated i.e. market value,
income or cost approach. This can often be done informally,
however, if you are not satisfied, you can request a judicial
review. The assessor's office maintains current information
on each piece of property it assesses such as owner, maps
and special characteristics. If you think your taxes are
too high and you want your voice heard, you will need
to make the elected officials in the municipality aware
of your concerns and not the assessor. |
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