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