>a property appraisal for retail market is NOT the same as what the county assesses.
correct it's done in bulk not individual>>19649503
>For example, a piece of unimproved land is purchased. Nothing is done to it for 10 years. The value of the property today will be the assessed value from 10 years ago plus the annual millage increase.
>The owner then decides to build a house. The entire property (house and land) is then reassessed to the current market rate.
exactly I totally agree
I think we're saying the same thing in different lingo
ie…a 10k prop with no improvements is assessed at current value
10 years later a multi million dollar resort is built…which obviously requires a reassessment..and the prop value will increase
FMV is assessed at .4%
now this always confused me….if it is assessed at… 10$ doe that make it worth .4% more in a FMV sale?