Assessed Value and Property Tax

Assessors must value real property annually and properties are physically inspected at least once every 6 years. The valuation is based on the condition of the property on January 1 of the assessment year or July 31 of the assessment year for new construction.

The assessed value is used in the calculation of taxes payable in the following year, which is referred to as the tax year.

Please see the example below.

Assessed value diagram