Medina County Auditor
Michael E. Kovack
FREQUENTLY
ASKED QUESTIONS ABOUT THE 2007 REAPPRAISAL
What is Market Value?
Market value is that
amount for which a property would sell in the open market between
an informed seller and an informed buyer.
Physical
characteristics such as age and condition of home; square feet of
living area; size of property; finish in basements; presence of
outbuildings and number of baths will affect market value.
Quality of construction also affects market value.
Recent sales of
properties are important yardsticks used by appraisers in
determining market values. Even if a home has not been on the
market for many years, or has never been on the market, its new
value will reflect recent sale prices of similar homes in the
same area.
Location is significant
since properties can have the same physical characteristics but
different values because of their location. Property is
worth what someone will pay for it, and market conditions may
vary in different locations.
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