How do values change from year to year?

The real estate market is influenced by various factors. For instance, if a community invests in a high-quality high school, it becomes more appealing to families, leading to increased property values as people compete for available housing. Similarly, efforts to attract business and industry can result in a rise in commercial/industrial development, shifting some of the tax burden away from homeowners.

It's crucial to understand that the assessor doesn't create value; rather, people generate value through their transactions in the marketplace. The assessor's legal responsibility is to study these transactions and appraise properties accordingly. Additionally, any changes to your property, such as enlarging your home or adding a pool, will likely impact the assessed value. Conversely, neglect and deferred maintenance may decrease the assessed value. The assessor reviews all building permits and other changes that occurred in the past year, which could affect property values.

If you make changes that decrease your property value, such as removing a shed or a pool, please notify us so that we can make the necessary adjustments. Open communication ensures that the assessed value accurately reflects the current state and value of your property.

Show All Answers

1. How is property appraised in Bow?
2. How can I check the ownership or assessed value of a property?
3. What is fair market value?
4. How do values change from year to year?
5. How do I calculate the equalized assessment of my property?
6. What is the Equalization Ratio?