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41 | P a g e <br /> <br />How is market value determined? <br />Review Property: Approximately every fifth year, an appraiser working under the <br />supervision of the County Assessor will review the property. Any property that had a <br />building permit issued in a given year is reviewed and the new value is calculated as of <br />January 2nd following the construction. <br /> <br />Gather Information: The appraiser gathers information on all characteristics of the property <br />that affect market value, such as size, age, quality of construction, basement finish, and extra <br />features, such as fireplaces, walk-out basements, et cetera. <br /> <br />Compute Value: The characteristics are entered into a computerized system (CAMA). <br />Information on actual market sales is used to establish the building and component rates <br />used to calculate the property’s value. The market value estimated by the appraiser in this <br />way should be very close to the amount the property would sell for, if placed on the open <br />market. <br /> <br />Why may market value change from year to year? <br />Property values change continuously depending on the economic conditions affecting the <br />local market. In addition to market changes, physical changes made to a property can also <br />affect its market value. All factors are considered in estimating the value of property. <br /> <br />