State law requires that county Assessors value all taxable property at market value. This is 100% of its true and fair market value in terms of money. This is done according to the highest and best use of the property. All real and personal property is subject to tax unless exempted by statute. Recent sales of comparable property are used to help set the value.
To find the value of any piece of property the Assessor must first know what properties similar to it are selling for, what it would cost today to replace it, how much it takes to operate and keep it in repair, what rent it may earn, and many other dollar facts affecting its value, such as the current rate of interest charges for borrowing the money to buy or build properties like yours. Using these facts, the assessor can then go about finding the property’s value in three different ways.