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CCP 06-26-1995
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CCP 06-26-1995
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5/8/2007 1:10:24 PM
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<br />I <br />I . <br />- The second reason for a valuation change is that even in a stable market, if a <br />I property, based on an analysis of sales, is perceived to be under-assessed either in <br /> relation to comparable properties or to the ''target'' level of assessment, the valuation <br />I may increase. This results partially from the dynamic real estate market, which has <br /> different rates. It also is a result of continually attempting to improve the mass appraisal <br />I system to treat all property in a uniform manner. This "fine tuning" of the assessment <br /> causes some properties to receive larger valuation increases than other properties. <br /> The Commissioner of Revenue requires a level of assessment between 90 and 105 <br />I percent of market value. <br /> It should be noted that an increase in valuation will not necessarily result in an <br />I increase in tax. Increased taxes are the result of increased government spending. If <br /> the tax base increases and spending remains stable, there is a corresponding decrease <br /> in the tax rate and taxes will stay the same. <br />I <br />I <br />I- <br /> -- <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I- <br />I <br /> 3 <br />
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