For Municipalities

The Data Processing Phase

  1. All the data from all the sources are compiled, evaluated, analysed and compared.
  2. The assessor will calculate the reproduction costs, new, of the property and estimate depreciation from all sources. This is called "The Cost Approach".
  3. The information on sales of comparable homes in the area prior to a pre-determined base date is reviewed and a value for the property is assigned.
  4. The values determined in steps two and three are used to arrive at the assessed value or, in other words, the market value.
  5. When assessing commercial properties, it is necessary to determine the value of the property by using revenue and expenditure statements. This is called "The Income Approach".
  6. Once all assessments are reviewed for accuracy, an equalization process is used to assure uniformity. This process includes comparing properties in the field and finalizing values.
  7. When all the values are finalized, the assessment roll is compiled and individual assessment notices are generated.
  8. The official assessment roll is delivered to the clerk of the municipality. The assessment notices are mailed by the Municipal Assessment Agency.