Property owners do not need to make improvements to their property for their assessment to change. Since the assessed value is to reflect fair cash value, as real estate values rise or fall, the assessed value will follow. All properties do not change by the same percentage. Factors in the market place like supply, demand, interest rates, and amenities determine the value of your property.
Other reasons for a change in assessed value include additions to your property or permanent damage to your property. Property owners have a responsibility to report any changes made to their property that could affect value to the Property Valuation Administrator (PVA).
Remember, the PVA does not create value. It is the PVA’s legal responsibility to discover and estimate the worth of all property. Transactions that occur in the market place determine value.