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City of Centerville <br />Residential Appraisal System <br />KA <br />Per State Statute, each property must be physically inspected and individually <br />appraised once every five years. For this individual appraisal, or in the event of an <br />assessed value appeal, we use two standard appraisal methods to determine and verify <br />the estimated market value of our residential properties: <br />1. First, an appraiser inspects each property to verify data. If we are unable to view <br />the interior of a home on the first visit, a notice is left requesting a return telephone <br />call from the owner to schedule this inspection. Interior inspections are necessary <br />to confirm our data on the plans and specifications of new homes and to determine <br />depreciation factors in older homes. <br />To calculate the estimated market value from the property data we use a Computer <br />3. A comparative market analysis is used to verify these estimates. The properties <br />used for these studies are those that most recently have sold and by computer <br />analysis, are most comparable to the subject property taking into consideration <br />construction quality, location, size, style, etc. The main point in doing a market <br />analysis is to make sure that you are comparing "apples with apples ". This will <br />make the comparable properties "equivalent to" the subject property and establish a <br />probable sale price of the subject. <br />These three steps give us the information to verify our assessed value or to adjust it if necessary. <br />Sales Studies <br />According to State Law, it is the assessor's job to appraise all real property at market <br />value for property tax purposes. As a method of checks and balances, the <br />Department of Revenue uses statistics and ratios relating to assessed market value <br />and current sale prices to confirm that the law is upheld. Assessors use similar <br />statistics and sales ratios to identify market trends in developing market values. <br />12 <br />Assisted Mass Appraisal (CAMA) system <br />based on a reconstruction less depreciation <br />method of appraisal. The cost variables and <br />m IM <br />land schedules are developed through an <br />o <br />analysis of stratified sales within the city. This <br />p <br />method uses the "Principle of Substitution" and <br />buyer have to to <br />calculates what a would pay <br />„ <br />replace each home today less age dependent <br />depreciation. <br />3. A comparative market analysis is used to verify these estimates. The properties <br />used for these studies are those that most recently have sold and by computer <br />analysis, are most comparable to the subject property taking into consideration <br />construction quality, location, size, style, etc. The main point in doing a market <br />analysis is to make sure that you are comparing "apples with apples ". This will <br />make the comparable properties "equivalent to" the subject property and establish a <br />probable sale price of the subject. <br />These three steps give us the information to verify our assessed value or to adjust it if necessary. <br />Sales Studies <br />According to State Law, it is the assessor's job to appraise all real property at market <br />value for property tax purposes. As a method of checks and balances, the <br />Department of Revenue uses statistics and ratios relating to assessed market value <br />and current sale prices to confirm that the law is upheld. Assessors use similar <br />statistics and sales ratios to identify market trends in developing market values. <br />12 <br />