For tax purposes, the legal assessment level of non-agricultural property in any county is 33 1/3% of its market value. To estimate market value, the assessor generally uses three approaches. The first approach is to find properties which have sold recently that are comparable to the property being assessed. The second approach, the “cost approach ,” is an estimate of how much money it would take to replace the property with one similar to it. The third approach known as the “income approach” is used to assess property such as an apartment of office building which produce income. State law requires that all real property be reassessed every four years. To determine whether your assessment is fair, you must have two items of information. First, you must know the market value of your property. This is defined as the most probable sale price of a property in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures. Second, you need to know the assessed value of your property. With this information you will be able to determine the percentage of full value at which your property is assessed. The percentage of value at which your property is assessed should be similar to the percentage of other properties in your county.