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TAXATION
- VALUATION PROCESS
WHAT
CAUSES PROPERTY VALUES TO CHANGE?
A property's
value can change for many reasons. The most obvious is that the
property changes. A bedroom, garage or swimming pool is added,
or part of the property is destroyed by flood or fire.
The
most frequesnt cause of a change in the value is a change in the
market.
If a town's major
industry leaves, property values can collapse. As decaying neighborhoods
with good housing stock are discovered by young homebuyers, prices
gradually rise, and then may soar as the neighborhood becomes
fashionable. A shortage of detached houses in a desirable city
neighborhood can send prices to ridiculous levels. In a recession,
larger homes may stay on the market for a long time, but more
affordable homes are in demand, so their prices rise. In a stable
neighborhood, with no extradorinary pressure from the market,
inflation may increase property value.
TAXATION
Taxing
authorities such as school districts, park districts and city
councils set tax rates and levy TAXES.
Taxpayers
DEMAND SERVICES.
Taxing
authorities REQUIRE MONEY to provide those services.
If you are concerned
about rising taxes:
- Attend budget hearings
- Call or write the taxing authorities
- Decide whether you are willing to do without services to keep
taxes low
- Work for efficiency in government
VALUATION
Buyers and sellers in the
market: CREATE VALUE
The Assessor's office studies
the market and collects information about properties to: ESTIMATE
VALUE
The Assessor's office
does not create market values.
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