Commercial Real Estate
Commercial real estate is assessed at 32% of market value. All three approaches to value are considered during the appraisal process, with an emphasis on the Income Approach to value where it is applicable. As with all other real estate, commercial properties are physically reviewed on an ongoing basis to verify that the information contained in our assessment files is accurate and up to date.
Income and Expense Questionnaires
Before each reassessment cycle, the assessor's office mails out Income and Expense Questionnaires to commercial property owners. This information lets us know if our Income and Expense data and ratios are reflective of what is happening in the market, and gives us guidance where either Incomes or Expenses are changing.
The Assessor is charged with "assessing all properties at their market value". A simple definition of market value is the price a property would bring when offered for sale by a person who is willing but not obligated to sell, and is bought by a person who is willing to purchase though is not forced to do so.
The State Tax Commission
The State Tax Commission does a quarterly evaluation of our sales to determine how our values relate to sales occurring in the marketplace. The State Tax Commission also does their own appraisals on properties that have not sold and then checks their determined values versus the values we have on the books to see if our assessments are in line with statutory guidelines.
Please visit our FAQ's Page for answers to the most common real estate questions.