Your home’s assessed value is determined by many different factors. The main purpose is to determine the fair market value of your home and your appraiser and county auditor try to maintain the most accurate account.
Your home’s fair market value is the price that would be considered fair for the condition your home is in, the market, as well as the area that is sits in. The county auditor will have to reassess the value of your home each year to keep up with the changing market.
What is the Assessed Value Used For?
The assessed value of your home or property is used for records that help determine what the property tax should be. If you do repairs or remodeling to your home, you can be sure that it will need a new appraisal and will be given a new and higher assessed value from which to base the property tax.
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