When is fair market value determined?
A. For property tax years beginning after 2006, the fair market value of real property is its fair market value applicable for the later of: Appraised value applicable for property tax year 2007, or As determined on an Appeal, or As determined in a countywide reassessment program but limited to a 15% increase within a five year period to the otherwise applicable fair market value, or December 31st of the year in which an assessable transfer of interest (Point of Sale) has occurred.
