D. What is market value and who determines my property assessment?

Market value is determined by people, the real estate market and the general economy. It is the economics of supply and demand that play a bit part in the valuation of property. With limited supplies and interest rates at an all time low has increased demand for properties, thereby driving the prices up. Our current assessments were arrived at in 2016 and the market has continued to appreciate since then. The 2020 assessments are estimated to be at were found to be at about 78% of market value. For 04/01/21 we are looking to bring assessments back to 100% of market value. This will mean for most properties they will see their assessment increase dramatically. However, not all property appreciates or depreciates at the same rate. The Assessor will research and analyze the values in any particular area or neighborhood to determine the 2021 market values. In effect, what we are doing is placing a value on your property that we believe is representative of what you would sell your home for on April 1, 2021.