How are property values determined?
Residential properties are appraised by the market approach. In this approach, the value is obtained by comparing similar properties of the same type and class which have sold recently in the same neighborhood, taking into consideration factors which may affect value such as location, condition, size, etc. Recent sale prices in your neighborhood determine what your assessment will be. Each sale is examined closely to determine if the transaction was an arms length transaction. On average, about 80% of the properties that sell in the city are considered arms length sales. Sales that would not be considered arms length are bank foreclosures, auctions, sales between family members, condemnations, sales due to divorces, and tenant buying from owner, etc.

Show All Answers

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?