Why assessments go up when a property hasn’t changed?

Since assessments reflect market value, rising/falling real estate prices in the community will result in generally higher/lower assessments. As several factors influence market value, the changes to assessments may not be uniform. One such factor is the style of the building. For example, one year, colonials will be in demand, thus raising their market value more than other styles and, another year, capes will be more popular. Another factor is location. For various reasons, certain neighborhoods are more attractive to buyers (in-town one year, rural the next...). Again, the resulting demand raises the price for homes in the preferred neighborhood. In addition, the condition of the property will affect its value. For two homes comparable in style, grade, and location, the better-maintained home will have a higher value. So, while changes made to a property can affect value, these other factors must also be considered.

Show All Answers

1. How the Assessors Determine Value
2. Why assessments go up when a property hasn’t changed?
3. What if you disagree with the assessed value of your property?
4. What about abatements and appeals?
5. How are property taxes assessed?
6. How do you determine the tax rate?
7. What don't assessors do?