The appraisal of the property is made by using all of this data to apply the three commonly used approaches to value Cost, Income Capitalization and Sales Comparison Approach. "The most probable price, as of a specified date, in cash or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, for self-interest, and assuming that neither is under duress" Market Value, as used in the appraisal of real estate, is defined by the Appraisal Institute as: By comparing recent sales of homes in a neighborhood the Township Assessor estimates how much all homes in that area would be sold for on the open market. This sales information, along with other facts and figures about housing conditions, goes into the evaluation process. The Township Assessor also receives copies of the Real Estate Transfer Declarations or "green sheets" for homes that have sold in the area. Some of this information is available on line through this website. Property Record Cards are available for inspection during regular working hours at the Township Office. Most of this information is gathered when the property is first built and then updated after that by periodic field inspections. The information includes a brief legal description, land size, dimensions of all buildings, building type, and quality of materials used in construction of the structure. The Township Assessor keeps Property Record Cards which contain all the pertinent information about each parcel. The Assessor is responsible for the fair and equitable appraisal of every parcel of property in their jurisdiction. The Assessor does not estimate or compute the Real Estate Taxes, does not send out Tax Bills, and does not collect Property Taxes. A Township Assessor is an elected official who determines the value of property for tax purposes. To assess means to determine the value of something.
Understanding How Your Property is Assessed
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