What is market value?

State law requires that your property be assessed at market value, full and fair cash value. Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for the property. For a sale to be a market value (arm's length) sale, the seller must be unrelated, the seller must be willing (not under pressure) to sell, the property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property. Property foreclosures and bank sales are not considered “arm’s length” transactions.

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1. What does the Assessor's Office do?
2. Where can I find a copy of my deed?
3. What is a cyclical reinspection?
4. Why are we doing a cyclical reinspection?
5. What is the end result of a cyclical reinspection?
6. What is a Revaluation? Who will do the Revaluation?
7. What is Proposition 2 1/2?
8. How is your assessment determined?
9. What is market value?