Is my property always assessed at full market value?
No. Usually property is assessed at some percentage of market value. The State Department of Revenue, however adjusts total assessed value in every municipality in the state up to 100% of market value each year. This is called the Estimated Fair Market Value that appears on your tax bill. This is done so that all property in the state is paying taxes based on 100% value every year. This keeps the allocation of taxes to individual properties equitable. Most municipalities adjust their values to 100% every 5 years or so. The decision of when this will be done is made by the local governing board.
Any new construction done in a year that the property is assessed at less than 100% will be similarly assessed at a value less than 100%.
As a consequence, it’s generally the previous selection for the assessor. Under this method, they estimate the amount of income from a piece of property if the property is used to produce an income. Some assessors work full-time for any given municipality, while others might work part-time at one or several diverse municipalities.