To arrive at "full and fair cash value" for your property, the assessors must know what "willing sellers" and "willing buyers" are doing in the marketplace. The Assessor also must collect, record and analyze a great deal of information about property and market characteristics in order to estimate the fair market value. This includes keeping current on the cost of construction in Town and any changes in zoning, financing and economic conditions that may affect property values. The Assessing Department uses the three recognized appraisal approaches to value: market, cost and income. This data is then correlated into a final value for assessment purposes.
The object of the Town’s annual revaluation program is to estimate "reasonable cash value" as of the January 1 date (known as the "assessment date") prior to the beginning of the next fiscal year. For example, the assessment date for Fiscal Year 2020 is January 1, 2019.