What is market value?
Market value is defined as the most probable price, expressed in terms of money, that a property would bring if exposed for sale on the open market. The sale should be an arms length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.

Biennially the Assessor's Office appraises all real property in the city to determine values for tax purposes. The assessments are effective January 1 of each odd year. Change of assessment notices are mailed annually around February 1.

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1. Why does Waynesboro assess at market value?
2. What is market value?
3. How does the Assessor's Office obtain information on properties?
4. How are property values determined?
5. What if there are no recent sales on a certain street or block?
6. Why do assessments change every other year?
7. Why are some properties assessed higher or lower than what they sell for?