What is market value?
Market value is the most probable price that a property will bring if offered for sale in the open market and sold as an arms-length transaction. A purchase price does not necessarily represent true market value if any special circumstances are involved in the sale.

Special circumstances include, but are not limited to:
  • An abutter, or a lease-holder
  • Financial duress
  • Sale to a family member

Obviously, the more arms-length transactions that an assessor has to work with, the better any adjustments will be as a result.

Show All Answers

1. What is the difference between assessment year, fiscal year and commitment date?
2. I purchased my property in June of this year, why is the former owner's name still listed on the tax bill?
3. I sold my property in May of this year, why is my name still on the tax bill?
4. I sold my trailer over 8 months ago, the bill is still in my name. What do I do about the taxes?
5. How is the tax rate established?
6. I pulled my trailer out of the campground at the end of the summer, why am I getting a tax bill for July of this year through June of next year?
7. What is market value?
8. What constitutes an arms-length transaction?
9. Is my assessed value what you think my house is actually worth?
10. My property has been on the market for a long time with no offers. Should my value be reduced?
11. Can the town assess me for more than market value or have a ratio of more than 100%?
12. I purchased my house for $275,000 and you have it assessed at $325,000. Will you reduce my assessment? If I had paid more, would you have increased the assessment?
13. Why did my mortgage appraisal come in less than my assessment? Is my tax valuation too high?
14. If the Assessor asks to view the interior of my home, do I have to allow them entry?
15. What causes an assessment to change?
16. When will you do another revaluation?
17. What if I think my taxes are too high?
18. What are my rights and options as a taxpayer?