What is fair market value?
First, please understand the appraiser does not "set" value; they simply research the values being set by buyers and sellers in the local market. The appraiser then applies his or her experience and knowledge of the local real estate market, together with proven methods and procedures for analyzing comparable properties and considering the many factors affecting value. Your property should appraise at the price of comparable properties on the market, plus or minus adjustments for differing factors. Specifically, the following considerations are important:
  • Physical characteristics: quality of construction, age, condition of a structure, and the existence of desirable features.
  • Recent sales: sales of similar properties are important yardsticks used by appraisers in ;determining values. the supreme court of Ohio has ruled that the best evidence of market value of a property is a recent sale of the property on an "arms length" basis.
  • Location: properties can have the same characteristics but their value can differ depending on location. this is because market conditions differ between neighborhoods.

Show All Answers

1. How is the value created?
2. What is the purpose of the Ashtabula County revaluation program?
3. Why should properties be equalized?
4. What causes property values to change?
5. How is my property determined?
6. What is fair market value?
7. Is tax relief available?
8. I believe my property has been unfairly or inaccurately valued, can I appeal?