State law requires assessors to estimate the fair market of all properties within their jurisdiction. With this mandate comes the requirement that assessors conduct annual revaluations. Revaluations not only respond to the ever changing real estate market, but are opportunities for assessors to improve the quality of property data and the underlying valuation methods used to estimate values.
Assessed valuations do not reflect current market value. By law your assessment should reflect the estimated property value on the January 1st preceding the fiscal year of assessment. For example, your fiscal year 2017 assessed valuation reflects an estimated market value on January 1st, 2016. Property sales from the period January 2014 thru December 2015 were used to estimate valuations.