In valuing a structure the Assessor takes into consideration the outside measurements by doing a physical site review, the type of construction, the year built, any modifications to the structure, the overall condition.
After all data is gathered, the Assessor applies the State mandated Cost Tables, verifies effective year and applies applicable depreciation. This results in the Replacement Cost New Value. That value is then adjusted based on the Market Trend, by neighborhood, established based on the sale of properties in the neighborhood compared to the type of structure being assessed. This means if you have a residential structure, it is compared to sold residential structures in your neighborhood, not commercial and vice versus
The land is valued separately and takes into consideration such things as location, use, and home site value as well as road and water frontage and any Right-of-Way associated with the land..
The Assessor's Office does consider actual cost, IF INFORMATION IS AVAILABLE! Supplying invoices of all materials, quotes on construction / land prep are all helpful in ensuring we have applied the correct cost. If you claim self-built, you will be requried to provide a certified letter stating the hours worked on the project to include the number of all those who helped in construction.
This data is then sent to the Department of Local Government and Finance for review. Once the State approves the values, it is then passed onto the Auditor for taxation purposes.