What should assessors rely on to ensure accurate property valuations?

To achieve accurate property valuations, assessors should rely on current market data and local economic conditions. This practice ensures that valuations are reflective of the current economic environment and the specific characteristics of the local market. Current market data includes recent sales, rental rates, and property trends, which provide a clear indication of what buyers are willing to pay for similar properties at this time, making assessments more relevant and timely.

Local economic conditions are equally important as they can substantially influence property values. Factors such as employment rates, population growth, and regional economic activity offer insights into demand for various types of properties. This localized approach helps assessors adjust valuations to align with the particular circumstances of the area they are working in.

In contrast, relying on subjective evaluations from property owners can introduce bias, as individuals may have personal reasons or emotions affecting their perceptions of value. Historical valuations made a decade ago risk being outdated and may not capture significant changes in the market or economy. Similarly, while national trends in economic development provide a broad context, they lack the specificity needed to accurately assess values in a localized environment, where local nuances often play a crucial role in property valuation.