Assessor's Office

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Assessor's Office

Assessor: David M. Thomas

General Information/Assessment Procedures
All real and personal property in this state is subject to the property tax based on 100 percent of its fair market value unless a specific exemption is provided by law. Assessment for tax purposes means that we are required, by statute and by the state constitution, to assess your property at its "market" or "true and fair" value. Our appraisers use standard and accepted appraisal principles, in use statewide and nationwide, to arrive at an estimate of market value. There are three generally accepted approaches:
 
Cost Approach: Replacement cost new, less normal depreciation
Market Approach: The market data, or sales comparison method
Income Approach: The Capitalization of net rental income for recapture of investment
As is usually done state-wide, we rely most heavily on the cost and market approaches, with the market approach as a barometer to ensure that we remain within acceptable parameters of actual market value. The income approach is primarily used when appraising commercial properties from which a net operating income can be extracted with which to apply a capitalization rate for an indicator of value. The main premise of this approach is that no prudent investor would pay any amount more than could be "recaptured" over a reasonable amount of time.