Performing a re-evaluation every four years will automatically cause the property value of a parcel of land or a building to be below market value as you move towards the next re-assessment four years later, 2008. During this period property owners will save tax dollars because the “market value” on the assessment roll does not change even though the “true market value” is increasing every year.

The assessor must also index all sales of properties during the interim four year period back to what he believes the market value would have been at the last re-assessment cycle, 2004. This is required by State Law. Using state law as a guideline, “Market Value” for assessment purposes and “True Market Value” will never be equal. They will be close only in the re-assessment year.

There will be other increases in property values during this four year cycle because people will build new homes, make additions to their homes or commercial building, buy additional land, change the status of a parcel of property and etc. Additionally, the Assessor will make adjustments to property values when he/she has determined that an error was made in the initial valuation of a property parcel.