State statute requires the assessor to physically review 20% of all property each year. This results in the assessor visiting your neighborhood once every five years. The assessor is verifying that the currently existing information is accurate, and checking for any changes that may have been made to the property. Having accurate property information is critical when valuing and classifying property and contributes to a fair and equitable assessment for everybody.
The “building inspector” ensures that everything was completed to code and signs off on permits. The “assessor” must review the property to see if there was an impact to the property value due to the changes that were made. If the assessor determines that there is added value you will see the exact dollar amount on your following valuation notice, which is mailed in or around March each year. The added value is listed under “Value of New Improvements” on that notice.
It is your right to decline an interior inspection. The assessor will then make reasonable estimations regarding the property’s interior finish and quality. If you disagree with the resulting valuation the local board of review is not allowed to make any changes in your favor until you allow the assessor to inspect the property.
No. There is not a limit on how much an Estimated Market Value of a property can increase or decrease. There used to be program that restricted how much the Limited Market Value (LMV) or Taxable Market Value (TMV) could increase from the previous year. That program sunset for taxes payable in 2010.
Yes. The assessor keeps records on the physical characteristics of each property in the County. Even thought the assessor may have been unable to go through your property, the Estimated Market Value will still be reviewed based on the existing records and/or sales of similar property.