Why did my assessment go up more than the percent change advertised in the local newspapers for my market area and property type?
Newspapers sometimes publish a summary of the average sale price in an area that compares one time period to another. While this may give a general indication of a percentage change in sales prices, it should not be compared to any percentage change in your assessment, for the following reasons:
The time period shown may not match that of the January 1st effective date of assessment.
Areas covered are typically a zip code or other large area and do not reflect different changes within individual neighborhoods. In addition, property types may have been combined and do not take into account differing percentage changes between single family, townhouse, and condominium types of residential dwellings.
A mean or median percentage change can be overly influenced by the types of properties sold during the specified time period. For example, percentage changes can be misleading if more lower priced homes sold during the beginning of the time period versus more higher-priced homes at the end.

Show All Answers

1. What is annual reassessment?
2. What is the effective date of my assessment?
3. What is fair market value?
4. What sales were used to determine my assessed value?
5. How can a property be assessed for more than its recent purchase price?
6. Why did my assessment change?
7. Why did my structure value go up? I didn't make any changes to my house.
8. Why did my house go up at a higher rate than my neighbor’s house?
9. Why did my assessed value change more than reported in sources like Zillow, etc?
10. Why did my assessment go up more than the percent change advertised in the local newspapers for my market area and property type?
11. What does land value represent and why did it change?
12. Why do property values have separate land and building values and why did they change? I own a condo; why do I have a land value?
13. Is there a law that prevents assessments from changing more than a certain amount from year to year?
14. Is there any effect on real estate values for major floodplain acreage?