How is personal property valued?

Most personal property assessments are based on the information presented on personal property statements or affidavits. These are documents filed by the property owner and given to the person making the assessment (i.e., the assessor). The assessor uses the reported cost figures to determine the assessed value. If detailed documents concerning the property are not provided, the assessor estimates the property’s value using acceptable appraisal data and techniques, taking into consideration age, cost, and type of property.

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How do I know if my home appraisal is accurate?

A home appraisal should be accurately calculated so that fair and reasonable taxes can be collected from the homeowner. A key principle of property taxation is the taxpayer’s right to equal and fair property appraisal, which means that no class of property should be over or undervalued in relation to similar properties within a similar area.

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How can taxes go up when property values don’t?

Sometimes property tax rates can go up, even if property value does not. The likelihood of rising property tax rates combined with falling or steady home values can vary depending on what state you live in. Some state legislatures have the power to allow a rise in property tax even when home values decline. In many other states, mathematical formulas are used to decide the relationship between property tax rates and home values.

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Why did my insurance company appraise my home at a value lower than market value?

The main reason that an insurance company appraisal and independent home appraisal based on market value differ is because they look at two different things. The insurance company appraiser is focusing on assessing the replacement value of your home, and only your home or garage. If you have your home appraised to determine market value, then the appraisal is based on both the worth of the home and the land.

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If I bought my house last year will the property value be the same now?

Because of the methods used to assess home values, changes in similar properties will affect your property value as well. One property sale does not really determine market value. The price you paid for your home will be verified, but then it will be pooled with sales of similar homes. The appraiser uses this collected information to determine your property value. Each state also uses a different system for how home values are verified. Some states allow a certain flexibility between individual home values in the pool.

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What is market value?

Tax assessors place a “market value” on property for the purpose of obtaining an accurate appraisal. The government uses the market values of given properties to calculate fair tax rates.

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What are property tax assessments?

“Assessments” are meant to assign a value to property for tax purposes. Assessments are an estimate of what the tax assessor thinks a given property is worth. The value placed on the property directly determines what portion of the local property tax levy will be billed to the property owner.

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How can an assessor get the information needed to assess my property without coming inside?

Making on-site inspections of each and every home interior and business interior within the boundaries of a taxing jurisdiction is costly and time-consuming. The assessor must use whatever information can be practically obtained, such as building permit information and what can be discerned from looking at the property from the outside. Calling you or requesting information by letter are other practical ways to obtain the information, the assessor does not typically enter the home to make an assessment.

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