How Is A Reappraisal Done?
We utilize a method called mass appraisal. It is a systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing. Our team of appraisers divides the county into neighborhoods. These neighborhoods are groupings of properties that have many of the same characteristics and react to the market in similar ways. The most typical example would be a subdivision with homes of similar age, style and quality of construction.
Arkansas law requires that real estate assessments be based upon either the property’s market value or upon its use value.
Arkansas law requires that real estate assessments be based upon either the property’s market value or upon its use value.
Market value is generally defined as the most probable price that a property would bring if exposed for sale in the open market and is an “arms-length” transaction between willing and knowledgeable sellers and buyers.
Use value, bona fide agricultural properties (pasture, crop and timber lands) are valued based upon the use of a particular parcel of land and the productive capability of the soils that make up that parcel of property. This use or productivity method of property valuation DOES NOT take into account the much higher prevailing sale prices of agricultural lands. |