If property values are decreasing then why are my assessed values rising?
Answer
Assessed values are established as of January 1 of the tax year, so for taxes payable in 2018 the valuation date is January 1, 2017.
Details
To arrive at the property's value on that date, sales information for the prior two years is considered. For taxes payable in 2018, the assessor's office compared sales from 2017.