Frequently Asked Questions (FAQs)
- Why does my property value change every year?
- How did you determine the value of my property?
- My neighbor and I have identical homes. Why are my taxes higher?
- What is ''just value''?
State law requires that the Property Appraiser determines the value of all properties as of the legal assessment date of January 1 each year. These values are based on market information such as sales and income information.
All values are established by nationally accepted valuation methods, which are sales comparison, cost, and income valuation approaches. Adjustments are made for size, condition and extra features of a property.
This is mostly likely due to the difference in benefits applied to these two properties. For example, if your neighbor bought their property in 1994, annual increases in the assessed value of that property would have been no more than $3% or the Consumer Price Index, whichever is lower based on the 1994 market value. The assessed value of a newer homestead exemption is not locked in at the lower 1994 value of the neighbor's property, but at whatever was the market value the year that property was acquired, going forward.
This is just another way of saying "market value".