Why does the assessed value change from year to year?

The assessed value must reflect 50% of market value. As market values change, so does your assessment. 

For instance, if you add a garage to your home, the assessed value would increase. However, should your property be permanently damaged by fire, the assessed value would decrease. Property owners have a responsibility for reporting any changes to their property that would affect values. If you obtained a building permit, our office will be notified by the Building Inspector's Office.

Show All Answers

1. What is market value?
2. How are properties appraised?
3. Why does the assessed value change from year to year?
4. What is capped value?
5. Why do assessments go up when a property hasn't changed?
6. How do you determine your tax bill?
7. What are your rights and responsibilities?
8. What is capped value?