The Department of Revenue requires an inspection of properties every 10 years, every 3 years a revaluation and every year the Assessor reflects what properties are doing in the market and adjusts accordingly.
FY 2017 was a revaluation year and the Assessor reviewed all sales that happened from January 1, 2015 - December 31, 2015 for single family homes and condominiums. To develop the assessment program we go by the Department of Revenue guidelines; look at current assessment levels, assessment uniformity of all properties, and the market.
The Department of Revenue specifies the effective date for FY2017 assessments to be as of January 1, 2016 and to use valid sales; not bank foreclosures, non-arms length transactions or a home that is sold to a family member.
Many reports are required for the Assessor to send to the Department of Revenue and the median sales ratio of the assessment can be no lower or higher than 90 to 110 percent of the sale price. Many sub-group reports are also required and are broken down by the home style, neighborhood (zoning), age of the home and the land size. These reports all must fall within 5% of the median in each group.
What can define value to your home: building style, story height, other plumbing fixtures, fireplace, central air, # of baths, half baths, garage square footage, finished basements, finished attics, in-ground pool, deck, gazebos, patios and porches.
Assessor Inspections -