Show All Answers
Transfers of real estate are analyzed annually. Nearly 95% involve sales of residential properties. Sales for previous years are also reviewed when warranted. Information is gathered from buyers, sellers, and real estate professionals. The selling prices are then compared to the assessed values to arrive at an assessment / sales ratio. The county is required by law to annually assess at fair market value as of January 1 of each year.
Land values can change year over year due to changes in the real estate market. Sales of vacant, undeveloped land are analyzed on an annual basis to determine if the land values accurately reflect fair market value.