Assessed value vs. market value
How assessors arrive at the number your tax is based on, how often it changes, and what caps and ratios do.
Updated Oct 24, 2026
Where the assessment comes from
An assessor estimates a value as of a set date using sales of comparable homes, cost, or income approaches. That estimate — not your purchase price — is the starting point for the bill.
Reassessment cycles vary from annual to every several years. Between cycles your assessed value may not move even if the market does.
Ratios and caps
An assessment ratio taxes only part of the value. A cap limits annual growth in assessed value, often resetting toward market value when the home is sold.
These rules are why the effective rate for a place is a better comparison tool than any single home's bill.
Checking your own number
Your assessment notice lists the assessed value and how to contest it. If comparable homes recently sold for less than your assessed value, that is the core of an appeal.