Steps In Determining A Property’s Estimated Market Value

1. Physically examine all real estate in the County that sold during the most recent three years. Look at:
   1. Location
   2. Age
   3. Condition relative to age
   4. Quality of Construction
   5. Size
   6. Amenities
      
2. Determine if each sale was an arms-length transaction:
   1. Both the buyer and seller must be willing to sell and purchase
   2. Neither must be in a hurry (under undue pressure)
   3. Both must know all the ways the property can be used (for example, as a residential site and/or as a commercial property)
   4. The sale can not be "forced," that is, an auction, foreclosure, sheriff’s sale, tax delinquency sale, etc.
   5. The buyer and seller cannot be related to each other
      
3. Input all arm's-length sales into the County's GIS for plotting onto a County-wide map. Determine purchasing patterns (analyze sales patterns)
   
4. Determine neighborhoods; delineate in the County's GIS program
   1. Use natural boundaries when possible
   2. Note economic influences
   3. Determine homogeneity of structures
      
5. Calculate the sale value of the raw land (land without buildings)
   
6. Calculate the sale value of buildings (without land)
   
7. Verify size and amenities of all structures
   
8. Verify that similar types of structures are valued comparably