What is market value?

Market value, or full and fair cash value, is the most probable price for which a property will sell in an open, competitive market that a willing buyer will pay for a property to a willing seller, both acting knowledgeably and prudently and neither being under any obligation to buy or sell. Sales such as foreclosures and family sales are generally not considered to be "arms length" or fair market transactions.

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1. What does the Assessing Department do?
2. What is market value?
3. How can my assessed value increase (decrease) when I did not do anything to the property in 5 years and I am not selling the property?
4. How are my taxes determined?
5. What if I disagree with the assessed value of my property?
6. When can I apply for an abatement on my Real or Personal Property?
7. How can I learn more about my rights for an abatements, exemption or deferral?