County Assessor, Mike Sheplee’s job is to value and classify the property. To value properties, they use market sales from the prior year. Then they set a value on every property every year in January.
“The sales that we use to come up with values, we have to sometimes time-trend the sales prices to bring them into the current market environment. We try to be as current with the market as we possibly can,” Sheplee said.
In looking at the coming year, Sheplee said that sale prices are increasing at a faster rate than they have in previous years.
Sheplee explained the timeline of what happens in a year.