How does the Assessment affect the property taxes I pay? What taxes are based on the Assessed Property Value?
The Assessed Value determines the tax distribution to a particular property. The Assessed Value is based on the Market Value. Changes to a property or the market area affect the purchase price that buyers and sellers would generally agree to. A city-wide Reassessment occurs when assessed values on average no longer reflect market values. Lately, Reassessments have occurred every 4 years to adjust values to reflect the various market changes throughout the City and the specific physical changes to properties. For fairness, all properties are reviewed during a Reassessment and values adjusted accordingly to reflect market values as derived from recent, prior, comparable sales activity. Annually, during Non-Reassessment years, physical alterations to a property may warrant an Assessment review to reflect the changes in the property description. Exemptions may be available to reduce the amount of the Assessed Value when determining the tax obligation of a property / owner.
