Definition
An estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment.... Assessed values most closely reflect market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... following a revaluationEstimating the current market value of all taxable property for purposes of a new assessment. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes.. In non-revaluation years, assessments typically reflect a fraction of market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... due to the changing real estate market.