What is market value and who determines my property value?
Market value is determined by people, by the activity in the real estate market and the general economy. The value of your property is based on an analysis of the entire market for a specified period of time before the completion of the revaluation project. The market can generally be defined as, you, the person who sold the property to you, and the person willing to buy it from you. It is the appraiser’s job to research and analyze the values in any particular area or neighborhood. In effect, they do what you would do to determine the selling price when putting your property up for sale. However, the appraiser has specific guidelines to follow during their research. Some factors that are examined for each property are: location, size, quality of construction, age of improvements, topography, utilities, zoning restrictions, if any, etc.

For more information, please call 860-665-8530.

Show All Answers

1. What is market value and who determines my property value?
2. Will all property values change?
3. What is market value?
4. I have recently built my home. Will the actual construction costs be considered?
5. What will happen to my assessment if I improve my property?
6. What sales did you compare to my home to arrive at my value?
7. What if there hasn't been a recent arm's length sale of my property?
8. What if there are no reasonably comparable sales?
9. I’ve heard you develop values by computer. Is this correct?