Real Estate Market And Your Tax Assessment
Merri Ann Simonson is back with more Real Estate information…
All of us Island property owners received our tax assessment notices from the County recently. As real estate agents we have been fielding many questions about the statements and new assessments. As you may recall, the State has mandated that our Assessor’s office convert to an annual assessment update cycle versus the cyclical system we were on for years. The current values are for a one year period only and will be adjusted the next year. The current process is much more stable and refined and is a more accurate system than we have had in the past.
As agents, we have often seen properties sell above their tax assessments the majority of the last 20 years with the exception of 2008-2012. Most of the variance was due to the 3 year lag time that accompanied the previous cyclical schedule our assessor used.