How are properties priced?

They are carefully analyzed based on:

  • Land sales
  • Building costs
  • Condominium sales
  • Business Income and Expense statements
  • Sales of land with buildings

The following are some, but not all of the variables that affect value:

  • Location
  • Desirability of the neighborhood
  • External influences
  • Traffic, schools, waterfront view
  • Buildings (amount, size, quality of construction, condition, and amenities

Show All Answers

1. What are the current Tax Rates?
2. What exactly is a “Revaluation”?
3. Why are the “Revaluations” performed?
4. Where do you get the values?
5. What is “Fair Market Value”?
6. How are properties priced?
7. What about Land values?
8. I recently purchased my property for a price which is different than the value estimated for this “Revaluation.” How is this possible?
9. How much will my taxes be following this “Revaluation”?
10. Will taxes go up?
11. How are tax rates set?
12. How will I find out my new value?
13. Suppose I disagree with my value?
14. If there are informal hearings, what should I bring to the hearing?
15. Then what happens?
16. Suppose I still disagree?
17. How can I tell if my value is correct?