All property is assessed on the basis of its full and fair market value as of January 1st. Data related to the sale of property is gathered, analyzed, and then applied to our database to estimate the market value. The process of determining assessed value is the same as an appraiser would utilize for a fee appraisal, although the Assessors must also ensure that assessments are uniform among all the properties in town.
Because our assessment date is January 1st, sales used to estimate the fair market value of property likely occurred in the prior calendar year. In spite of the fact that assessments are updated on an annual basis, by the time the May bill is mailed, sales used in the valuation process could be as much as a year old. In some instances, the factors in our database that describe the property are incorrect. This can result from human error or the lack of an interior inspection.