 Sam
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Joined: 21 May 2005
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 Posted: Thu Apr 15, 2004 2:23 am Post subject: Assessor |
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An assessor is a public official who is entrusted with the responsibility of ascertaining/estimating the value of a (real estate) property within a city's, town's or village's boundaries especially for the purpose of taxation. The value estimate of the property is the assessed value. This is set by the government and it is based on this property taxes are calculated.
The assessor maintains the document containing properties assessment called the assessment roll. This involves regular updating of the physical description, inventory and value estimate of all real estate properties in the municipality.
Prior to assessment of any real estate property the assessor estimates the amount at which the property would normally sell for in an open market. This gives the market value of the property. This is considered in the light of aspects and trends characterizing the local real estate market.
The approaches to value estimation of property can be enumerated thus:
- The concerned property is compared to similar properties sold in recent times whereby sales were conducted devoid of any undue pressure upon the parties - the buyer and the seller. This is the market approach and is usually used to estimate value of residential, vacant and farm properties.
- Certain calculations are carried out to determine what would be the cost of replacing the property with a similar one using labor and material at prices set as per current rates. In case the property is not new, the depreciation of the property since it was initially built is to be figured by the assessor. The value thus obtained is added to an estimate of the market value of the land. This is the cost approach used in case of special purpose and utilities properties.
- The income a property will yield if rented out is analyzed. The operating expenses, insurance costs, financing terms and money expectations of owners from such property are to be considered. This is referred to as the income approach.
Since the assessments are adjusted on a yearly basis upon sales analysis and construction costs charges, the assessed value also changes with changes in the market value and true value changes. Persons owning real property are served an assessment and tax notice at a particular time of the year. Exemptions in assessments can be provided by the states to veterans, senior citizens and others. If one is dissatisfied with the assessed value then one can make an appeal and call the assessor. |
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