Property Valuation Process

Property Valuation Process

Comparable Property Sales Base Period

The value is based on real estate market activity during the 18 month data collection period that runs from January 1 of the previous odd numbered year to June 30 of the most recent even numbered year.

If there is not enough real estate market data collected during the 18 month, odd-numbered year period, the Assessor can use data collected back five years from June 30 of the most recent even-numbered year. Our office typically finds the optimum number of sales are derived from a 24 month period.

Information Collection

The Assessor’s Office gathers and maintains information on properties, including:

  • Ownership
  • Location
  • Use
  • Sales
  • Building measurements
  • Construction type
  • Construction costs
  • Rental income, if applicable

Sources for this information are:

  • Real property deeds and declarations
  • Subdivision maps
  • Building permits
  • Local building contractors
  • Property owners
  • Declarations filed by owners of taxable personal property
  • Onsite inspections by staff

Physical Changes in Your Property

A property’s value may increase or decrease as a result of physical changes.

  • Improvements such as new rooms, a finished basement, or extensive remodeling and modernization will increase the value.
  • Paint, a new roof or repairs may not increase the value but will keep the home in good condition so the value does not drop.

Approaches to Valuing Property

The Assessment Rate for Residential Property is 7.15%.

The Market Approach

By law, residential properties must be valued by the market approach. This predicts the price a property would bring on the open market in a transaction between a willing, informed, and knowledgeable buyer and seller. It includes a review of comparable sales in the study period. Time Trending is a technique for estimating the current market value of residential properties.

Factors in Comparing Like Properties

The central factors that evaluators use for property valuation are:

  • Location
  • Living Area
  • Finished Basement
  • Age
  • Baths

The Assessment Rate for Non-Residential Property is 29%.

Non-residential property is appraised using the cost approach, the income approach, and the market approach. To appraise property using these methods, the Assessor and staff must review information gathered on individual properties, know what similar properties are selling for, and know what the replacement cost would be. Other factors that influence value may be location, availability of services, and rental rates.

The Market Approach

The market approach predicts the price a property would bring on the open market in a transaction between a willing and informed buyer and seller, when each party is knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.

The Cost Approach

The cost approach estimates the material and labor costs to replace a building with a similar one. If the building is not new, the appraisal must consider its age and how much it has depreciated over time.

The Income Approach

The income approach is used for properties such as stores, office buildings, and warehouses. This method considers the landlord’s income and operating expenses and the financial return most people would expect from a given type of investment property.

Contact Us

Phone: 303-441-3530
Fax: 303-441-4996

Business Personal Property
Phone: 303-441-3316
Fax: 303-441-1783


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