What is my assessed value intended to reflect? Is it the sales price or some percentage of a sales price in my study group?
A.Your total assessed value should reflect 100% of fair market value of your property as of January 1. Alexandria utilizes mass appraisal methods in determining the fair market value of your property. Your assessment notice allocates a land value (as if vacant), and an improvement value. However, the total value as it appears on your notice is intended to be your property’s fair market value. Your tax burden is based upon “total” fair market value. Assessments are based on large numbers of sales that are analyzed to determine values for large groups of properties. An individual sales price is the actual price a buyer pays for a particular property. While the sales price is one indicator of market value, there are numerous additional sales that are relied upon to determine your assessment. On your assessment notice you will find a “study group” number. This is a group of properties that we have analyzed to help you define the market value of your property and others within your same stu