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Transfers of real estate are analyzed annually. Nearly 95% involve sales of residential properties. Sales for previous years are also reviewed when warranted. Information is gathered from buyers, sellers, and real estate professionals. The selling prices are then compared to the assessed values to arrive at an assessment / sales ratio. The county is required by law to annually assess at fair market value as of January 1 of each year.
Published rates usually encompass broad geographical areas and may include all types of properties. The effective date of your assessment is January 1st and is based on valid sales in your neighborhood that occurred within the past 12 months. Those sales can be reviewed on the website.
Land values can change year over year due to changes in the real estate market. Sales of vacant, undeveloped land are analyzed on an annual basis to determine if the land values accurately reflect fair market value.
An adjustment for major floodplain is a case-by-case basis and can depend of characteristics such as zoning, development potential, and location. A floodplain adjustment may not be warranted if it does not impact the utility or the highest and best use of the site. If a value reduction is applied it is generally based on the diminished utility or site improvement restrictions caused by the floodplain.