What does “Fair Market Value” mean?

The majority of property values are based on market value. Market value is generally accepted as being the price which the property would bring following a reasonable exposure to the market, where both the buyer and the seller are willing to buy and sell, are not acting under compulsion, and are reasonably informed as to the uses and purposes for which the property is adapted and is capable of being used. That is a hypothetical willing buyer, who did not have to buy, would pay for your property to a hypothetical willing seller who did not have to sell. We know that you did not buy your home as a speculation, but to live in. But, the actions of people who buy and sell property like yours set the value of your property. 

Show All Answers

1. What does the Tax Assessor do?
2. What does “Fair Market Value” mean?
3. Can the assessment on my property be changed even if the Assessor has not been inside my property?
4. Will I be penalized if I don’t let the Assessor in when an inspection is requested?
5. What will happen to my assessment if I improve my property?
6. How can my assessment change when I haven’t done anything to my property?
7. Do all assessments change at the same rate?
8. Who sets tax rates?
9. I disagree with my property assessment and would like to have it reviewed.
10. I agree with the land assessment but I disagree with the building assessment. Can I appeal one but not the other?
11. Can I appeal my property tax bill?
12. Can I file my tax appeal form with the Tax Assessor’s Office?
13. What is the deadline to file a tax appeal?
14. I am appealing my assessment and want to establish my case by using comparable assessments. Is this acceptable?
15. I have not applied for a certificate of occupancy but I received an assessment notice
16. I am appealing my assessment and I feel that I should not have to pay my taxes until my appeal is heard and resolved.
17. Can the Tax Assessor and I settle my appeal before the hearing?
18. How can I claim a senior citizen and/or veteran property tax reimbursement?