1. Data Collection & Review
For the reappraisal, the county contracts with a state registered appraisal firm to complete the project. The appraisal firm takes photos of every structure within the county to determine its grade and condition and ensure that the county records accurately account for each building that exists on each property. Letters are also sent to each property owner to request confirmation and updates regarding the property characteristics, such as age, room counts, and other relevant data.
The appraisal firm establishes neighborhood boundaries, looks at historic trends, and accounts for actual sales that have occurred over the last three years within these boundaries to determine the estimated fair market value of properties.
3. Setting Values
The estimated fair market value is used as the gauge when appraising property and setting the value.
Fair market value is defined as an estimate of the most probable price each property may sell for in an open market between a willing buyer and a willing seller, neither being under any pressure to buy or sell, and all parties having full knowledge of all relevant facts about the property.
Preble County Auditor