Fair Market Value

From Our Property Taxes

Important
The failure of the assessor to derive a fair value for your property is illegal.

Each state has their own requirements see your State and County page.

Most statutes set forth the requirements the assessor must follow when valuing and assessing property and generally fall into these categories.

Valuation

• Must be on a regular basis. (e.g. every other March; or on January of odd numbered years, etc.)
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Value

• The assessor must value the property in accordance with the statute, recognizing positive and negative traits of the property to derive a value;
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Adjustment Factors

• The assessor must also factor in restrictions on the property such as easements, zoning limitations, rent control, or environmental problems.
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There are several nationally recognized methods for valuing property

• Comparative Sales Approach
• Macro Comparative Sales Approach
• Cost Method
• Equity Approach

The failure of the assessor to derive a fair value for your property is illegal.