When I received my “Change of Assessment” notice, it had the Fair Market Value, the Taxable Value, and the Gross Assessed Value. What do these different values mean?
• Fair Market Value is the value the property would sell for in an open market between a willing seller and a willing buyer. These sales are used to arrive at the market value of similar properties. It requires the reconciliation of differences among the various properties that have sold and the properties being appraised. • Taxable Value is the value the assessment will be based on. The Taxable Value cannot increase more than 5% over last year’s Taxable Value unless the title is transferred and/or new improvements are made to the property. The Taxable Value may or may not equal the Market Value. • Gross Assessed Value is currently 11% of the Taxable Value of the property.
- What information does fair value provide when an entity is using an asset or fulfilling a liability different from how market participants would?
- Why is the City’s assessed value different from a private appraiser’s estimate of fair market value I obtained recently?
- What if the Fair Market Value (FMV) is less than the Assessed Market Value (AMV)?