Departments

A: Your property’s “assessed” value is not the same as its “market” value. The market value of your property may increase or decrease by any amount year-to-year.  If you have a residential homestead exemption on your property, the increase in your assessed value is limited from year-to-year to 10% so long as changes have not been made that add “new value”.

A: Value changes occur for several reasons. Often sales information may indicate the current appraised value is lower/higher than fair market.  Additionally, corrections to appraisal records may affect value, such as a change in square footage, a pool not previously accounted for, or a correction of a property characteristic.

A: In appraisal, the term “improvement” is a building, structure, fixture, or fence erected on or affixed to land; or a transportable structure that is designed to be occupied for residential or business purposes, whether or not it is affixed to land, if the owner of the structure owns the land on which it is located, unless the structure is unoccupied and held for sale or normally is located at a particular place only temporarily..

A: Fair market value means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:  Exposed for sale in the open market with a reasonable time for the seller to find a purchaser. Both the seller and the purchaser know all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use. Both the seller and the purchaser seek to maximize their gains, and neither can take advantage of the exigencies of the other