The following are very brief descriptions of each of the major phases of a municipal revaluation.
PHASE 1: DATA COLLECTION
The City is constantly reviewing and maintaining the property data we have on file as it relates to our assessments. Examples of data we maintain are: ownership records, building sketches and size, construction materials, age of the building, quality of construction, acreage and topography, utilities, zoning, and numerous other characteristics both inside and out.
For the purposes of this revaluation every sale that has occurred in the City over the past eighteen months from April 1, 2021 will be physically inspected. To ensure the safety of both staff and property owners, special care will be taken due to the Covid-19 pandemic. This may mean exterior inspections only, with reliance on photography or video if available as well as conversations with property owners.
Property data about each property is made available to the public HERE . If after reviewing your property description you have questions or find any discrepancies please contact the Assessing Office and we will happy to discuss and review the property with you.
PHASE 2: MARKET ANALYSIS
A variety of resources are used to analyze the real estate market. Appraisal personnel will be analyzing recent sales as well as lease information to determine which market factors influenced property values. In addition appraisers will rate the desirability of locations throughout the community.
PHASE 3: VALUATION
Valuation is done using the following three recognized methods, Replacement Cost, Income Approach and Sales Comparison. Sales Comparison is the most widely used approach for residential properties although other approaches may be considered if valid. A combination of the three approaches is more often utilized for commercial and industrial properties.
PHASE 4: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field parcel by parcel by experienced appraisers to ensure uniformity and accuracy of information.
PHASE 5: INFORMAL HEARINGS
Once the Field Review is completed, a Notice of New Values will be mailed to each property owner. At this time, anyone with questions concerning their value, the revaluation process or the data collected on their property has an opportunity to meet with a member of Vision's staff. This is an important phase for both property owners and the appraisers. We want to ensure that nothing was overlooked, that information used was accurate and that the owners understand the mass appraisal process utilized in determining assessed values.