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Appraisal

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Appraisal

Property tax is based on the appraised value of a property. The assessed tax for current year is based on the appraised value of the property on 31 December previous year.

The appraised value of the property is determined every three to five years through an appraisal.

Appraisal methods

Every three to five years a general appraisal takes place to appraise all properties in order to determine an appraised value that should reflect the current market value. Normally a property will be appraised only every three to five years. However for new buildings, properties with a change in use, extended buildings, etc. a specific appraisal can take place in the period between two general appraisals. There is no difference in the methods of valuation between a general and a specific appraisal the only difference is when the appraisal is done.

The appraised value should reflect the market value.

When appraising the value of the property one of three different valuation methods is used:
• Sales comparison method
• Incomes method
• Construction cost method

The appraised value is usually determined through the Sales comparison method. If the sales comparison method is not possible to use or means a misleading value the appraisal can be done using either Incomes method or Construction cost method.

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Why is it important to pay Property Tax?

By paying your property tax you participate in the efforts to improve quality of life in your municipality.

Property tax is needed for investments to improve roads, water supplies, sewerage, school buildings, etc.

Everybody who pays their property tax is taking an important part in the work with developing your municipality and therefore the whole country!

By paying property tax, you make a difference!