State law requires that the Assessor maintain an active and systematic program of real property revaluation. Real property is land and any improvements, such as buildings, attached to the land.
All real property in Franklin County is physically inspected at least once every six years on a cyclical basis. In addition, assessed values are updated county-wide on an annual basis by statistical analysis. If properties in a particular area consistently sell for more or less than the assessed value, the assessment roll will be adjusted to reflect real estate market conditions in that area. If the character of property changes because of remodeling, additions, subdivisions, etc., a new value is determined. The Assessor uses the sales comparison approach, the cost approach, and the income approach to value properties.
The Sales Comparison Approach uses sales to provide estimates of value for similar properties.
The Cost Approach considers what it would cost to replace an existing structure with a similar one that serves the same purpose.
The Income Approach is used primarily to value business property where the property tends to be worth its income-producing potential.
Most residential property is valued using the sales comparison approach and the cost approach. An individual sale does not automatically establish the value of a property. The Assessor analyzes multiple sales to establish market value