5 ms·
I'm not sure what you mean. In Illinois (the state from the article) the assessor is calculating the market value: Most real property in Illinois must be asse
by leftandright 9y ago
I'm not sure what you mean.
In Illinois (the state from the article) the assessor is calculating the market value:
Most real property in Illinois must be assessed based on its value on the open market, or its “market value.” This value is the amount at which a property would sell in a competitive and open market... [1]
[1]http://tax.illinois.gov/Publications/LocalGovernment/PTAX1004.pdf http://tax.illinois.gov/Publications/LocalGovernment/PTAX100...
- BeetleB 9y agoThen it likely varies from state to state - or county to county. See http://www.investopedia.com/articles/tax/09/calculate-property-tax.asp http://www.investopedia.com/articles/tax/09/calculate-proper... for different methods used. As an example, some places merely look at the cost of replacing the house if destroyed.
- skwirl 9y agoThat's not how it worked where I grew up in Upstate New York. The assessed value was a number way below market value, but assessed values among different houses pretty much differ by the same proportions as the actual market values. I do not know why it is the case.