What is the basis for determining residential property values?

  • Sales of vacant and improved properties are the primary source of data.
  • Land values are set using all available land sales.
  • Analysis of new construction is done to establish construction costs, including builder’s profit. Analysis of older homes establish the amount of depreciation indicated by the current market.
  • Costs of outbuildings from building permits and advertised prices are used to indicate outbuilding values.