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Real Property Valuation

What is Assessed Value?

Assessed value is 35% of the estimated market value of a parcel of real property. This 35% figure is then calculated, using your local tax rates, to determine your share of taxes due.

How is the Market Value Estimated?

Some of the items used to estimate market value include:

  • The property's physical characteristics:
    • the age and condition of the dwelling and other structures;
    • the square feet of the living area in the dwelling;
    • the amount and kind of finish in basements and attics;
    • the number of bathrooms in a dwelling;
    • the number, type, size and condition of other buildings on the property;
    • the quality of each building's workmanship and construction materials;
    • the property's size and location
  • Recent sales of properties in and around the area. Even if a home has never been on the market, its estimated market value will reflect recent sale prices of similar homes in the same area, and
  • The property's location. Even if properties have identical physical characteristics their value can often differ depending on the property's location.

Besides market fluctuations, what else causes changes in my property's estimated market value?

In addition to normal real estate market price shifts, physical changes to the property or a change in its use (for example, from commercial to residential) may cause its value to change. Some examples of physical change include:

  • adding a new building (such as a garage);
  • attaching or removing an addition to a building;
  • tearing down a building; and/or
  • subdividing one piece of land into additional parcels.

Deduction for Destroyed Property

It is beneficial to the taxpayer to immediately report to the County Auditor any property damage to buildings in order to maximize tax savings. Damage may occur through natural disaster (fire, flood, wind damage, etc.), or demolition damage caused by intentionally tearing down an old garage or porch. The filing deadline and percentage deduction allowed on the damaged property for each calendar quarter is:

If Damage Occurs Application Deadline % Deduction
January - March December 31 100%
April - June December 31 75%
July - September December 31 50%
October - December January 31 25%