The full explanation
The assessor first estimates market value, usually by comparing your home with similar homes that sold recently. In some places the assessment equals full market value, and in others it is a fraction of it. The assessor does not decide how much you pay: that depends on the rates set by the county, the city and the school district.
An example
When Jorge gets the notice from his county, he sees his home's assessed value went up. He compares it with the sale prices of similar homes on his street to see whether the value is fair.
You will see it in…
- The notice of value from the assessor's office (notice of appraised value)
- Your property tax bill
- Your county's property records
