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1. How is my property valued?

Valuation is based on "full and fair cash value," the amount a willing buyer would pay a willing seller on the open market. Assessors first inspect the property to record specific features of the land and buildings that contribute to its value. Size, type, quality of construction, number of bedrooms, baths, fireplaces, type of heating system are all examples of the data collected and listed on the individual property record cards.

Using these facts, the assessors determine the value of property by choosing the assessing methodology that most accurately reflects the real estate marketplace. The 3 methods of appraisal are described in detail on the following page:

How Property is Valued

2. What happens to the value if I improve or repair my property?

Generally, improvements that increase the market value of a property will increase the assessed value. Typical improvements include the addition of a room or garage, central air conditioning, fireplaces, in-ground pools and decks. Questions regarding a particular improvement should be directed to the assessors.

Normal maintenance helps to retain your market value. General repairs will not affect the assessment.

Contact the assessors.

3. I did my own construction work to save money. Why did the assessed value go up as high as if I hired a contractor? Why doesn't the new value reflect the actual cost of the work?

The assessment is based on "fair market value." Whether you did your own construction work or hired a contractor, the end value is the same. An additional improvement to the existing structure adds what is called "contributory value."

The value is not based on the cost to improve it, but on the value it contributes to the overall worth of the property.