![]() This method is used to value special purpose and utility properties. (2) Cost approach: Calculate what the property would cost, using today's labor and material prices, to replace the structure with a similar one. (1) Market approach: The property is compared to others similar to it that have sold recently, using only sales where the buyer and seller both acted without undue pressure. A property's value can be estimated in three different ways: To estimate market values, the assessor must be familiar with all aspects of the local real estate market. Market value is how much a property would sell for, in an open market, under normal conditions. Some examples of real property are houses, gas stations, office buildings, vacant land, shopping centers, apartment buildings, and restaurants.īefore assessing any parcel of property, the assessor estimates its market value. Real property is defined as land and any permanent structures attached to it. After the Board of Assessment Review (BAR) has acted on assessment complaints and ordered any changes, the tentative roll is made final.Īll real property, commonly known as real estate, is assessed. ![]() Every year the roll, with preliminary, or tentative, assessments, is made available for public inspection. ![]() The assessment roll shows assessments and appropriate exemptions. The property inventory is available for inspection by appointment before the filing of the tentative assessment roll. To do this, the physical description, or inventory, and value estimate of every parcel of real estate in the municipality is kept up-to-date. The assessor maintains the assessment roll - the document that contains every property's assessment. ![]() This value is converted into an assessment, which is one component in the computation of real property tax bills. The assessor is the official who estimates the value of real property within the Town's boundaries. DESCRIPTION OF THE DUTIES OF THE ASSESSOR ![]()
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