How do values change from year to year?
Many factors affect the real estate market. If a community builds a superb high school, families are more attracted to that community, resulting in higher values as people compete for available housing. If a community endeavors to attract business and industry, the subsequent commercial/industrial increase results in a shift of some of the tax burden away from the homeowners. The assessor has not created the value. People create value by their transactions in the marketplace. The assessor has the legal responsibility to study these transactions, and appraise properties accordingly. In addition, if you were, for example, to enlarge your home or add a pool, obviously the assessed value would be increased. Conversely, if your property is neglected and suffers from deferred maintenance, then the assessed value would be decreased. The assessor has the responsibility to review all building permits and other changes that have occurred in the past year which may affect property values. Please notify us if you remove a shed or a pool or otherwise decrease your value, so we may make an adjustment.

Show All Answers

1. How is property appraised in Bow?
2. How can I check the ownership or assessed value of a property?
3. What is fair market value?
4. How do values change from year to year?
5. How do I calculate the equalized assessment of my property?
6. What is the Equalization Ratio?