How can my assessed value increase or decrease when I did not do anything to the property and I am not selling the property?

The assessed value represents the estimate of market value of the property. The real estate market changes constantly. The assessment for FY2022 represents the estimate of market value as of January 1, 2021. This estimate of market value is determined by examining sales of properties primarily in calendar year 2020.

Although there may not have been any physical changes to the property, buyers may be paying more of less for properties than they were in previous years. The assessment changes reflect the changes in the purchase prices of similar homes in the neighborhood. Buyers and sellers determine the market value of properties.

The assessments reflect what the buyers and sellers are doing as of the assessment date