Assessor: David M. Thomas
|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 new, less normal depreciation
market data, or sales comparison method
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.