An assessment is simply an opinion of value based on the three valuation methods. In most cases residential property is best represented by use of the market approach.
- Market approach
- Cost approach
- Income approach
Market Value is defined in Real Estate Appraisal as:
The most probable price in terms of money which a property would bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus.
There are two main classifications of property; real and personal.
Real property is defined as: the land itself inclusive of all buildings and improvements thereon, and all fixtures and rights and privileges. Real property is further broken into use-type classifications.
- Swamp & Waste
- Other – Agricultural Homesite
Personal property is defined as: to include all goods, wares, merchandise, chattels, and effects, of any nature or description, having any real or marketable value and not included in the term “real property”. This type of property is assessed only to those operating some type of commercial business and the property is reported to the municipality annually.
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