Property values are based on market values that fluctuate with a changing market. State laws require changes in the marketplace to be reflected in the assessor’s estimated value.
Physical changes made to your property can also affect your market value. For example, if you were to add a garage to your home, the market value may increase. If your property is in poor condition, the market value may decrease.
Estimated market value does not change at the same rate on all properties
Changes vary by neighborhoods and individual properties. Sales in one area may indicate a large increase in value in a given year, while another neighborhood may have little or no change. Properties within the same neighborhood may show different value changes based on physical characteristics. There are numerous factors to be considered in each property, which will cause value changes to differ. Some of the factors that can affect value are location, condition, size, quality, number of baths, basement finish, garages and many others. Property information may have been corrected, resulting in an increase or decrease in value different from neighboring properties.