How property values are determined
Why does the County Assessor set a value on my property?
The valuation set for your property by the Canadian County Assessor's office is an estimate of the fair cash value of your property – your home, land, business, agricultural, or other taxable property. The value is used to determine your property (also called ad valorem) tax bill. Note: Ad valorem is Latin meaning "according to value."
How does the County Assessor determine the fair cash value of my property?
The fair cash value is based upon detailed information about your property and sales in your area. The location of the property, type of construction, age, size, and condition of the property are all considered.
By law, the fair cash value is the amount the property would sell for under ordinary conditions in the Canadian County real estate market. Such sales are called "arms-length transactions" and do not generally include foreclosures, repossessions, sales between relatives, government sales, or other sales that do not fairly reflect true value.
What if I think the value placed on my property is too high?
If you believe that the value placed on your property exceeds the fair cash value, contact our office. We will be happy to answer any questions and review the value our office has placed on the property.
What is a Notice of Change in Assessed Value?
The Canadian County Assessor's office is required by law to inform you if the assessed value of your property has increased. The notice informs you of the fair cash value of the property, the assessment ratio percentage, and the assessed value of your property. This notice is not a tax bill. The law provides that if you wish to protest the value placed on your property you must do so within thirty days of the date the notice was mailed. If you have any questions about the notice, please feel free to contact our office.