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Jo Ann North Property Assessor |
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I WANT TO .. |
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How do you appraise? |
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What would be your asking price if you put your property up for sale on the open market? The price should be close to the appraised value on your assessment notice. That’s no accident, because our mandate is to appraise property for what it is worth on the open market.
A primary step in determining value is to see what properties of the same type in the same area have sold for on the open market. We track over 100,000 sales during our four-year cycle and verify whether each sale was an “arms-length” transaction producing a valid fair market price. Sales of the previous two years are analyzed very closely to help calculate appraised values. This huge database lets us compare almost any property with numerous others like it. We can adjust for differences (such as location, size, age, condition) to get a good indication of market value. This is particularly effective for residential appraisals, because the market is very active. We also access building permits issued by Codes Administration, enabling us to estimate current building and replacement costs and to adjust values where demolition of a structure has occurred. On commercial/industrial properties, we analyze potential income and expense estimates, determine capitalization rates and develop an estimate of value by the income approach. When you look at your new appraisal, ask yourself: “Would I sell my property for that?” If our appraisal is close to what you consider a reasonable sales price, we’ve done our job right. |
We use appraisal
methods that are accepted professional standards to estimate each property's
market value. With the aid of computers, we are able to produce our large
scale reappraisal of 215,000 parcels accurately and cost effectively.
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Updated: 06/13/2008 09:37 AM CST | © 2005 PADCTN.COM