To arrive at "full and fair cash value" for your property, the assessors must know what "willing sellers" and "willing buyers" are doing in the marketplace. The Assessors also must collect, record, and analyze a great deal of information about property and market characteristics in order to estimate fair market value, including keeping current on the cost of construction in the area and any changes in zoning, financing, and economic conditions which may affect property values. The Assessors use three standardized appraisal approaches to value: market, cost, and income. This data is then correlated into a final value.
The object of the valuation program is to estimate: "reasonable cash value" as of January 1 (known as the "assessment date") prior to the fiscal year. For example, the assessment date for Fiscal Year 2021 is January 1, 2020. Therefore, sales of calendar 2019 are used to determine full and fair cash value for the Fiscal year 2021.