The role of the Assessor's office is to establish a value for all property for tax purposes. The Assessor is required by law to set that value at 100% of true market value, based on the highest and best use of the property and to assure that all values are in equalization.
The Assessor does not create market value. Market value is the price a willing buyer and seller would agree to under ordinary circumstances. This does not mean that an individual sale will automatically establish the value of a property. The Assessor uses multiple sales of comparable properties in establishing value.
Taxable property is divided into two classes. Real property includes land and all buildings, structures, and improvements to the land. Personal property includes machinery, equipment, fixtures, furniture, supplies, and other items that are movable in nature. Personal effects that are not held for sale or commercial use are not taxable.