Property assessments are based on recently sold properties and data from up to how long ago?

Property assessments typically rely on data from recently sold properties to establish their market value. The rationale is to ensure that the assessment reflects current market conditions accurately. When using sales data that is up to one year old, assessors can consider trends in property values and sales activity, thus making informed decisions based on a broader range of comparable sales.

Utilizing data from one year allows for a more comprehensive understanding of the market dynamics. It encompasses seasonal variations and potential fluctuations in value that may occur over time. While more recent sales provide immediate data points, a longer time frame can smooth out anomalies or transient trends that may not be indicative of the market's direction.

In contrast, using a shorter time frame, such as three or six months, may result in an over-reliance on current market conditions, which can be volatile and not reflective of longer-term trends. This approach might not take into account any seasonal patterns or shifts that could be important for an accurate assessment. Therefore, the use of a one-year timeframe strikes a balance between timeliness and reliability in property evaluation.