What is the definition of market value?

The definition of market value as defined by the International Association of Assessing Officers is: The most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.

Finding the market value of your property involves discovering the price most people would pay for it in its present condition. This process involves researching sales information, including interviewing persons familiar with the transaction, sending out sales verification forms to the new owners, verifying information using the Roanoke Valley Association of Realtor's MLS website, and making physical inspections of the property to ensure all property characteristics are accurate and to identify the most recent trends. The assessor then compiles similar property type sales and compares the information against the assessments on those properties to determine whether adjustments to the assessments are warranted.

Show All Answers

1. Why do we have property tax?
2. What is the authority given by state to conduct reassessments?
3. What is the definition of market value?
4. How is property appraised?
5. Why do assessed values change each reassessment?
6. How can a change be made without an interior inspection?
7. Do you have to let the assessor in when an inspection is requested?
8. How can my assessment change if I haven't done anything to my property?
9. Why do some properties increase more than other properties?