To determine the taxable value of a property, county assessors will perform assessments of property every one to five years. This is the most important factor in determining property taxes.
Assessed values may depend on a number of different factors:
- The economic viability of the land. Vacant land should be worth less than developed land.
- Neighborhood effects such as access to sewer, water, and gas and other public amenities can affect the value.
- Size of the land or livable space.
The assessed value may be computed by three different methods:
- Sales evaluation
- Cost methods
- Income method