The assessed value of any property is what the property tax office for any county will use to determine the property tax paid for a single tax year. Assessments will vary from one county to another, with some counties completing assessments annually, and others waiting six years in between assessments. Regardless, the annual assessed value of a property will fluctuate and change based on market conditions. Knowing how to properly estimate the assessed value of any property you own is important in budgeting for property tax bills each year.
Contact a local real estate office. Request a market analysis of your property. Most real estate offices will do this free of charge for a home owner. The market analysis will show you what the current market value of your property is based on comparable properties in your neighborhood.
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Determine an average price per square foot using the data in the market analysis. To determine price per square foot, divide the market valued price in the market analysis by the square footage of three properties. Select one property on the high range of the spectrum, one in the middle range and one in the lowest range to determine the average price per square foot.
Multiply the average price per square foot by the square footage of your property. This will provide an overview of the current market value of your property.
Add any major improvements completed on your property that would add value. The most common value-added items would be permanent or semi-permanent structures such as an in-ground pool or landscaping. Take the value of these improvements, and add that to the market value of your property.
Subtract 30 percent from the market value you determined in Step 3. When tax offices make assessments of value, the standard of practice is to subtract 30 percent from the market value of a property to determine property taxes. The number derived from this assessment will be the estimate of the assessed value used by the property tax office to calculate taxes.
Things You'll Need
Access to local realtor
Access to local real estate prices