Also, market conditions may have changed in the last year. The appraiser uses this information to value your home. The price you paid for your home is first verified by the County Appraiser and then pooled with sales of similar homes. Not necessarily - one sale by itself does not determine market value. If I bought my house last year, shouldn’t the value be the same as what I paid for it a year ago? State law requires the county appraiser to visually inspect 17% of all property in the county every year and to re-examine every property on a six-year cycle. Does the County Appraiser visit my property? This method works well for income producing properties (for example, apartment buildings and malls).ħ. The Income Approach: in simple terms, income from rent is used to value property.This approach works well for new and unique properties. The Cost Approach: age and what it would cost to replace your home are taken into consideration.This method works well for valuing homes. The appraiser then adjusts for differences (for example, one house may have more square footage than another). The Market Approach: sales of similar property are compared to each other.The appraiser then uses one or more of the following three methods to value your property: When valuing your home, the appraiser takes into account these qualities of your home: How does the County Appraiser determine market value? Qualities of Your Home Market value is the amount of money a well-informed buyer would pay and a well-informed seller would accept for property in an open and competitive market without any influence. The County Appraiser appraises your home at “market value” as it exists the first day of January each year. At what value is my home appraised for property tax purposes? The County Appraiser continually updates sales prices and other information on homes all over the county. The value may also change (up or down) because of recent sales in your neighborhood. If you make improvements to your home, such as adding a garage, the value may go up. The value of your property may change each year – it depends on several things. Will the value of my property change every year? Your property taxes are based on how much the various taxing districts decide to spend on services each year. Likewise, if your property goes down or does not change, it does not automatically mean you will pay less or the same amount of taxes. If your property value goes up, it does not necessarily mean you will pay more taxes. How does the county’s appraisal affect my taxes? The amount of taxes you pay depends on the budgets set by your city, county, school and other taxing districts. The Appraiser estimates only the value of your property. What does my County Appraiser do?īy law, the County Appraiser is responsible for listing and valuing property in a uniform and equal manner. In addition, property taxes also help fund local school districts. Your tax dollars are used by city, county and other taxing districts to provide funding for:
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