Estimating market value is not an exact science. It is usually hard to interpret the differences between your property and the sales comparables. We, therefore, cannot say that your property is worth one precise figure. There is a range of values, all of which are equally correct.
- The range or amount variation will be different with different types of properties and market evidence. If it is difficult to find sales that are very similar to your property, there will be more variation.
- Because of the range in values, we may not make a small adjustment to your assessment. In other cases, we have said a difference of 5% or less is not considered significant.
- You estimate that the value of your property is $540,000.
- Your assessment is $560,000.
- The difference is $20,000 or slightly less than 4%.
Unless you have precise market evidence (such as the sale of your property), we will usually not reduce your assessment.