The Assessor must comply with the property tax code. Pursuant to 7-36-16 NMSA 1978, the Assessor values property at current and correct values, based on sales of property from the previous year

A property owner must be sent a notice of valuation (NOV) every year. This notice must be mailed no later than May 1. In the language of the notice is stated the actual value that the assessor has assigned to your property. This notice of valuation is not a tax bill. The purpose of this notice is to inform you of any change in your property valuation and advises you of your right to appeal the value.

The Central Appraisal District of Collin County identifies property to be taxed, determines its appraised value, whether to grant exemptions, the taxable owner and address, and which taxing jurisdictions may tax the property. For information on VALUES, to file an EXEMPTION, or to report changes in OWNERSHIP or ADDRESS, please call the Central Appraisal District of Collin County at 469-742-9200.

The Assessor values all tangible property for property tax purposes. Properties valued by the property tax code are: all real property, manufactured homes, business personal property and livestock.

A number of methods are used. The assessor's staff looks at new construction that has taken place, sales prices of comparable property located nearby, the condition of your property, and any other factors that can help place an accurate value on the property. Three appraisal methodologies are used to determine the value of property. These three methodologies are: Cost approach –First, the value of the land is estimated, as if vacant.

The assessor must determine the fair market value of the property. To do this, the assessor generally uses three approaches: Market Approach: Find properties that are comparable to yours which have sold recently. Analyze sales of similar properties that were recently sold. Determine the most probable sales price of the property being appraised. Cost Approach: Estimate how much money at current labor and material prices it would take to replace the property with one similar to it.

a taxpayer, you have a certain legal responsibility to furnish accurate information on your property. Our office welcomes all information provided by the property owner. If you have complied with these legal requirements, you are entitled to question the value placed on your property. If your opinion of the value of your property differs from the assessor's, you may come to our office to discuss the matter in person.

The assessor is required by state law to value property at 100 percent of its market value as determined by sales of comparable property.

The actual value assigned to residential properties in 2005 and 2006 was based on market values as of June 30, 2004, as defined by sales of residential property in the 18-month period from January 1, 2003, to June 30, 2004. For nonresidential property the cost, market and income approaches to value are all considered. Up to five years of market activity are analyzed for nonresidential properties.

Buyers and sellers in the real estate market establish value. The Assessor's staff researches the market and collects information about properties to estimate value. The Assessor uses standard methods, which utilize the three traditional approaches to value (cost, market, and income), to estimate the fair market value of a given property. It is important to note that the Assessor is simply measuring the information produced in the market to determine the estimated value.

If a taxpayer disagrees with the value assigned by the assessor, the taxpayer may file protest during the statutory protest period. Real property protests must be postmarked no later than June 1, or a taxpayer may appear in person to protest no later than June 1. 39-5-121(1), C.R.S. Personal property protests must be postmarked no later than June 30, or a taxpayer may appear in person to protest no later than July 5. 39-5-121(1.5), C.R.S.

The legal assessment level of non-agricultural property is 33 1/3 percent of the market value. To determine whether your particular assessment is fair, you must have three items of information. First, you must know the market value of your property. This is defined as the price you would accept if a willing and able buyer would offer to purchase your property at today's prices. Second, you need to know the assessed value of your property.

Yes. The assessor keeps records on the physical characteristics of each property in the County. Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on existing records and sales of similar property.

The purpose of the Limited PROPERTY Value (LPV) was to create a hedge against inflationary increases in the market value of the property. The calculations by law limit the amount of increase that can occur from one year to the next. Limited Value is the one used against the Primary Tax Rate, which is the larger of the two tax rates (see WHAT ARE PRIMARY AND SECONDARY TAX RATES ?). The Limited Property Value is determined by law.