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Find an IN. Top FAQs. Field workers will be reviewing our information and taking measurements of buildings. As you know, structures may change over time from wear and tear, or remodeling. This review does not mean your property assessment will increase. Our statutory duty is to arrive at an estimate of market value for each parcel.
Each year, we use sales of similar properties to arrive at those estimates. The field reviews may lead to increases, decreases, or as in most cases, very little change in property value. The field reviews are designed to increase the accuracy of the assessment information.
Cost Approach The cost approach to value is based on the assumption that potential buyers will pay no more for the subject property than it would cost them to purchase an equally desirable substitute parcel of vacant land and construct an equally desirable substitute improvement. In this approach, the appraiser calculates the cost new of the improvements, subtracts from it accrued depreciation to arrive at an estimate of the improvement's value, and then adds the value of the land as if vacant to arrive at an estimate of the subject property's total value.
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In this approach, the appraiser locates sales of comparable improved properties and adjusts the selling prices to reflect the subject property's total value. The adjustments are the quantification of characteristics in properties that cause prices paid to vary. The appraiser considers and compares all possible differences between the comparable properties and the subject property that could affect value.
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Objectively verifiable market evidence should be used to determine these items. Items, which are identified as having an influence on value in the market place, are then quantified by the use of their contributory values. These contributory values then become the adjustments which are added to, or subtracted from, the selling price of the comparable property.
It considers the subject property as an investment and, to that end; its value is based on the rent it will produce for the owner. A "model" is defined by the IAAO, and in the Definition section of this rule, as "A representation of how something works; for purposes of appraisal, a representation in words or an equation that explains the relationship between value Therefore, the formulas given for the three approaches to value above could be referred to as "models".
These general models of the three approaches to value outlined above can be refined and expanded through a process referred to as model specification.
Assessor | St. Joseph County, IN
Model specification is the designing of a model that is based upon appraisal theory and attempts to reflect the actions of buyers and sellers in the market. Specification of a model includes choosing variables to be included in the formula and mathematically defining their relationship to each other and the property's value. Annual Adjustments or "trending" of property values became part of Indiana's move to a market-based assessment system that began in Trending requires assessors to research sales of properties in a particular area over the previous two years.
Using that information, assessors then estimate the values of other properties in the same area to determine an assessed value. A ratio study is a measure of the performance of a mass appraisal method. It compares the assessing official's estimate of value with objectively verifiable data.