The value of your property reflects its market value on July 1 of the second fiscal year preceding the first for which it is conceived.
| The value of your property reflects its market value on July 1 of the second fiscal year preceding the first for which it is conceived.Example: Roll 2004 reflects the July 1, 2002 market Roll 2007 reflects the July 1, 2005 marketThe market value is defined as the most probable selling price in a free and open market (Art.43 L.F.M.).The appraiser can use three methods: the comparison, the cost and the income.The comparison approach This approach is used to determine the most probable selling price of a given property by comparing it to similar properties which have been sold.The cost approach This approach is used to determine the most probable selling price of a given property by adding a property’s land value to the depreciated cost of the building. This cost is obtained by subtracting depreciation from the current replacement cost new which includes labour and materials.The income approach This approach is used to determine the most probable selling price of a given property by capitalizing its net operating income at a rate stemming from similar type properties which have been sold. Changes to your property |
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