I did my own construction work to save money, but my assessment went up as much as if I'd hired a union crew. Shouldn't my assessment reflect the actual cost of the work?

Assessments are based on fair market value. Whether you did the work yourself or hired a contractor, the value is in the end product. Any additional improvements to an existing structure adds what is known as contributory value. This value is not based on cost, but rather the added value it "contributes" to the overall worth of the property.

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Should assessments change from year to year?

Assessed values should generally follow the market trends. When the market is flat there should be little change in the overall assessments. It is also possible for some areas of a municipality to increase in value, while others may decrease. In fact, an across-the-board change for all parcels is the exception, rather than the rule. Properties in some areas or neighborhoods -- such as around lakes -- often increase in value faster than other areas.

It is important to remember that the assessor does not create the value. The real estate marketplace establishes the values. It is the assessor's duty and responsibility to understand these values and assess your property accordingly.

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