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How the 2022 Real Estate Market Affected the 2023 Assessed Values


You’ve seen the headlines: “The market crashed” “Values are decreasing” “Housing market at a standstill”. I just wanted to explain what happened last year and what the 2023 values look like. First, by law, we value the property as of January 1 every single year. You don’t get your notice until the end of July but the value you see on your notice was set as of January 1. In an increasing market, it looks like we are low (7 months of appreciation has happened from the date of value to the date of notice). And in a decreasing market we look high (7 months of depreciation has happened from the date of value to the date of notice).

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