How can assessments go up if the market isn’t going up?

Even in a down market, assessments can rise for the following reasons: By state law, assessments reflect the past three year’s sales and are based on a valuation day of January 1st of the current year. Therefore, they would not reflect the current market conditions.

If you had a recent addition or improvement to your property, the assessment will change accordingly. On homestead property, a home improvement exemption will be granted for 4 years, this reduction will be reflected on your tax bill.

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1. How can assessments go up if the market isn’t going up?
2. How does my assessment relate to market value?
3. What is the “Supervisor of Assessments Equalized Assessed Value?"
4. How is my tax bill calculated?
5. What can I do if I feel I am being over-assessed?
6. How do I file an Assessment Appeal with the Board of Review?
7. Will my assessment increase because I recently purchased my home?
8. Why does my neighbor pay different taxes when we have similar homes?
9. What will happen to my assessment if I put on an addition or add an improvement?