Market Value is the price a willing, knowledgeable buyer would pay for your property if it were offered for sale on the open market. The assessor does not create this value, but instead interprets what is happening in the marketplace. Values change with economic conditions as well as changes to the property.
The assessor inspects your property to record the existence and character of improvements that contribute to its market value. Sales information is collected on all types of property and characteristics such as location, size of the parcel, improvements and amenities are analyzed to estimate what buyers would pay for your property. Local sales will impact local values. The assessor uses actual sales of similar properties in your neighborhood or similar neighborhoods to estimate what buyers would pay for your property.