Assessor's Role

1. Market Value compares the value of your property to that of similar or comparable properties. This also includes the highest price of the property if it were sold on the open market. It is important to remember that sale's comparisons are based on arms length samples i.e. the only connection that buyers and sellers have is the home sale. This is in an effort to make the assessment fairly.
   
   
2. Income takes into account how much money the property would make if it were rented. The assessor includes such things as the current market rental rates, vacancy rates, insurances and maintenance costs associated with the property.
   
   
3. Cost Approach is based on the cost of actually replacing the property minus depreciation. This is the most difficult to compute and thus the least favored method by assessors.