State Assessment Law mandates that the Office of Property Assessment consider three approaches in developing market values:
For residential properties, the sales comparison approach is most frequently used. This method compares recently sold, reasonably similar properties within a short distance of a specific property or block. Adjustments to values are then made for known differences, resulting in a fair market value.
The assessed value is the basis used by the City and the School District to determine your Real Estate Taxes.
MARKET VALUE (MV) x PRE-DETERMINED ASSESSMENT RATIO (PDR) = ASSESSED VALUE (AV) x TAX RATE (TR) = REAL ESTATE TAXES (RET) Example: $50,000 (MV) x .32 *(PDR) = $16,000 (AV) x .09771(TR) = $ 1,563.36 The Evaluator does not set the tax rate. The Evaluator analyzes the market and utilizes the Office of Property Assessment’s valuation systems to determine the market value of your property. *This is the current Predetermined Ratio and Tax Rate. The Predetermined Ratio and Tax Rate may change on an annual basis.
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