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City of Centerville <br /> Residential Appraisal System <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 /> 2. To calculate the estimated market value from the property data we use a Computer <br /> Assisted Mass Appraisal (CAMA) system <br /> based on a reconstruction less depreciation <br /> No method of appraisal. The cost variables and <br /> land schedules are developed through an <br /> analysis of stratified sales within the city. This <br /> method uses the "Principle of Substitution" and <br /> calculates what a buyer would have to pay to <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 /> 15 13 <br />